Washington: The US Federal Reserve (the US central bank) kept its benchmark interest rate unchanged. The decision was made to maintain the rate within the range of 3.50 percent to 3.75 percent.

According to Qatar News Agency, the Fed released a statement indicating that recent evidence points to economic activity expanding at a strong pace. However, the statement also highlighted that developments in the Middle East are contributing to increased uncertainty about the economic outlook.

The Federal Reserve has revised its inflation forecast for this year to 2.7 percent, as measured by the personal consumption expenditures (PCE) price index. Additionally, the Fed is forecasting GDP growth of 2.4 percent for the current year.