The United States central banking system, the Federal Reserve, is less likely to cut rates this month during its regularly scheduled two-day meeting following stubbornly rising inflation.

Federal Reserve policymakers got fresh reasons to hold short-term borrowing costs steady after government data signaled renewed strength in the U.S. job market, with traders now betting the U.S. central bank will wait until June to cut interest rates again and end its rate-cutting cycle there.

St. Louis Fed President Alberto Musalem suggests greater caution is warranted on reducing interest rates.