New Delhi, June 18 -- The US Federal Reserve maintained the federal funds rate in the 3.50%-3.75% range, leaving it unchanged for the fourth consecutive meeting as policymakers sought to balance economic growth with inflation control.

The decision was widely expected as policymakers continue to grapple with inflationary pressures stemming from higher energy prices driven by the conflict in the Middle East.

Fed officials also released their latest Summary of Economic Projections (SEP) on Wednesday, raising their year-end PCE inflation forecast to 3.6% as the world's largest economy grapples with price pressures that have climbed to a three-year high. In March, policymakers had projected year-end PCE inflation at 2.7%.

Core PCE inflation...