Washington, March 18 (QNA) - The US Federal Reserve kept the key interest rate unchanged.

The Fed maintained the overnight benchmark rate in the 3.50-3.75% range at its meeting on Wednesday.

In a statement, the central bank said the impact of developments in the Middle East on the US economy remains uncertain, noting that uncertainty continues to surround economic projections.

The Federal Reserve raised its inflation forecast for this year to 2.7% according to the Personal Consumption Expenditures (PCE) index, while projecting US GDP growth at 2.4% in 2026. (QNA)