The Fed said it decided to maintain the target range for the federal funds rate at 3.50 to 3.75 percent following three consecutive quarter point rate cuts.

As with other recent decisions, the choice to leave rates unchanged was not unanimous, as Fed Governors Stephen I. Miran and Christopher J. Waller preferred cutting rates by another quarter point.

The Fed said the decision to leave rates unchanged came amid elevated uncertainty about the economic outlook.

The central bank also said it remains attentive to the risks to both sides of its dual mandate of maximum employment and inflation at the rate of 2 percent over the longer run.

In its economic assessment, the Fed said economic activity has been expanding at a solid pace after saying activity has been expanding at a moderate pace after last month's meeting.

The Fed also said job gains have remained low but noted the unemployment rate has shown some signs of stabilization.

In assessing the appropriate stance of monetary policy, the Fed said it will continue to monitor the implications of incoming information and stressed it would be prepared to adjust rates if risks emerge that could impede the attainment of its dual goals.

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