The Federal Reserve held interest rates steady again at its July meeting, resisting pressure to cut rates despite growing signs of an economic slowdown. The federal funds rate still remains at a high level when looking over the past decade—between 4.

Shares in Asia rose for a second-straight session on Tuesday and the U.S. dollar steadied as investors increased bets the Federal Reserve will act to prop up the world's largest economy.

As was widely expected, Fed policymakers on Wednesday left the central bank's overnight rate unchanged at a range of 4.25% to 4.5%.

A bubbling movement to overhaul the Fed is ready to seize the moment. Big changes are in store for the central bank.

Although the modestly firmer PCE inflation trend is still middling, the back-to-back increases may persuade the Fed to again forgo a cut in interest rates at the next policy meeting.