The Federal Reserve held interest rates steady on Wednesday and gave little insight into when further reductions in borrowing costs may take place in an economy where inflation remains above target, growth continues,

Fed Chair Jerome Powell said Wednesday that he continues to look at the overall progress that inflation has made in moving back toward the central bank’s 2% target. While the bank’s latest statement did leave out a December reference to strides made in the fight against inflation,

Good morning. It’s Angus in Sydney with the key morning news items.Today’s must-reads:• Australia’s inflation cools• US Fed in no rush to cut rates further• New Zealand’s largest solar farm

Australia’s underlying inflation rate has fallen to 3.2%, its lowest level in three years, fueling expectations that the Reserve Bank of Australia (RBA) may reduce interest rates in the coming months.

News Corp Senior Writer Patrick Carlyon breaks down the latest data concerning Australia’s inflation numbers. “This is great news for Australians,” Mr Carlyon told Sky News host Danica De Giorgio. “These numbers do give the Reserve Bank ground to actually drop interest rates later this month.