The US Federal Reserve skipped an interest rate hike Wednesday, as widely expected, and kept its federal funds rate unchanged between the 5.25% - 5.5% target range, Paralel.Az reports.

"Recent indicators suggest that growth of economic activity has slowed from its strong pace in the third quarter," it said in a statement at the end of its last two-day meeting for 2023. The statement replaced "economic activity expanded at a strong pace" in its Nov. 1 statement

The Federal Open Market Committee (FOMC), however, also added to the latest statement: "Inflation has eased over the past year."

The decision to keep rates unchanged was unanimous as all 12 members of the Committee voted in favor of the move.