The US Federal Reserve said it is has unanimously decided to hold its benchmark lending rate steady between 5.25 per cent and 5.5 per cent for the fourth consecutive time, Report informs via Business Standard.

Jerome Powell-led Federal Open Market Committee (FOMC) said in a statement that it is unlikely to start cutting rates without "greater confidence" that inflation is moving "sustainably" towards its long-term two per cent target.

“The committee does not expect it will be appropriate to reduce the target range until it has gained greater confidence that inflation is moving sustainably toward 2 percent,” the statement from FOMC said.

The central bank further added that the "risks to achieving its employment and inflation goals are moving into better balance." The central bank also reiterated its intention to continue reducing its balance sheet by as much as $95 billion per month.

“In considering any adjustments to the target range for the federal funds rate, the committee will carefully assess incoming data, the evolving outlook, and the balance of risks,” the FOMC statement said.

According to the statement, the committee judges that the risks to achieving its employment and inflation goals are moving into better balance. The economic outlook is uncertain, and the Committee remains highly attentive to inflation risks.”