The U.S. Federal Reserve on Wednesday left interest rates unchanged, in line with market expectations, reaffirming its position to be patient with future rate hikes.
In support of the goals to foster maximum employment and price stability, the Federal Open Market Committee decided to maintain the target range for the federal funds rate at 2.25 percent to 2.5 percent, the central bank said in a statement after concluding a two-day policy meeting.
The committee continues to view sustained expansion of economic activity, strong labor market conditions, and inflation near its 2 percent objective as the most likely outcomes, the Fed said.
"In light of global economic and financial developments and muted inflation pressures, the Committee will be patient as it determines what future adjustments to the target range for the federal funds rate may be appropriate to support these outcomes," it said.
The Fed in December raised short-term interest rates by a quarter of a percentage point, but signaled a slower pace of rate hikes in 2019 as the U.S. economy was expected to cool down.