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The U.S. Federal Reserve on Wednesday left the target range for the federal funds rates unchanged at 4.25 percent to 4.5 percent, as solid expansion of economic activity supports the wait-and-see mode.

This widely-expected decision marked the fourth time that the Fed chose to keep the benchmark interest rates unchanged in a row.

"Although swings in net exports have affected the data, recent indicators suggest that economic activity has continued to expand at a solid pace," said the Fed in a statement.

The United States continues to have a low unemployment rate, solid labor market and somewhat elevated inflation, according to the Fed.

"Uncertainty about the economic outlook has diminished but remains elevated," added the statement.

The Federal Open Market Committee will continue to monitor the implications of incoming information for the economic outlook, said the statement.

Notably, Federal Reserve Board members and Federal Reserve Bank presidents projected higher unemployment and inflation for 2025, 2026 and 2027 and adjusted lower forecasts of U.S. economic growth in 2025 and 2026.

In particular, the median forecast for personal consumption expenditure inflation in 2025 rose to 3 percent, up from 2.7 percent in the previous monetary meeting, according to the Summary of Economic Projections issued on Wednesday.

The median forecast for the unemployment rate in 2025 increased by 0.1 percentage point to 4.5 percent while unemployment in 2026 was expected to remain at 4.5 percent, higher than the earlier median forecast of 4.3 percent.

The United States would see economic growth of 1.4 percent in 2025, lower than previous forecast of 1.7 percent, according to the Summary of Economic Projections.

Fed officials maintained their forecast of federal fund rates for 2025 at 3.9 percent while their median forecasts of the benchmark interest rates for 2026 and 2027 went up 0.2 percentage points and 0.3 percentage points, respectively.

The latest forecast means that the Fed would have less room to cut amid persistent inflation pressures from higher tariffs and supply chain adjustments.