Washington, April 29 (QNA) – The US Federal Reserve (the US central bank) kept its benchmark interest rate unchanged.

The Fed held its benchmark overnight interest rate steady in a range between 3.50 percent and 3.75 percent.

In a statement, the Fed said that recent evidence suggests economic activity is expanding at a strong pace, but added that developments in the Middle East are contributing to increased uncertainty about the economic outlook.

The Fed raised its inflation forecast for this year to 2.7 percent, based on the personal consumption expenditures (PCE) price index, while forecasting GDP growth of 2.4 percent. (QNA)