Washington, June 17 -- The US Federal Reserve on Wednesday kept its benchmark interest rate unchanged, maintaining the federal funds target range at 3.50-3.75 per cent, concluding the first Federal Open Market Committee (FOMC) meeting chaired by Kevin Warsh since he assumed leadership of the central bank last month.

The decision came against a backdrop of persistent inflation pressures, resilient labour market data and heightened geopolitical uncertainty, factors that have complicated the Fed's path toward restoring price stability.

"Productivity growth and capital investment are both strong. Economic activity is expanding at a solid pace despite elevated uncertainty. Persistent high prices are a burden for the American people. I have r...