"In view of realized and expected labor market conditions and inflation, the Committee decided to maintain the target range for the federal funds rate at 1.5 to 1.75 percent," the statement said, adding described the risks to the economic outlook are "roughly balanced."
The Committee aims to reach maximum employment and price stability and predicts that labor market will continue to be strong, the statement added.
READ MORE: US Federal Reserve Likely to Hike Rates in New Chair's First Session Wednesday
When it comes to possible changes in the future, the Committee will examine economic conditions in the United States and review whether they fit the goal of inflation at the rate of 2 percent and maximum employment.
In 2017, the Federal Reserve raised the benchmark federal funds interest rate three times to its present 1.25 to 1.5 percent range.
The interest rate increase in March was the first major policy move that the Federal Reserve undertook since its new chair, Jerome Powell, succeeded Janet Yellen.