US Fed holds interest rates unchanged at 3.5-3.75%

The US Federal Reserve kept its benchmark interest rate unchanged at 3.5-3.75 percent on Wednesday, Report informs.

The policy-setting Federal Open Market Committee (FOMC) said inflation remains "elevated", revising its earlier description of "somewhat elevated", and cited a recent rise in global energy prices as a key factor. The central bank also flagged that the ongoing US-Iran conflict is contributing to a "high level of uncertainty" around the economic outlook.

In its statement, the Fed said that job gains have remained modest on average, while the unemployment rate has been largely unchanged.