Washington, May 2 -- The US Federal Reserve maintained interest rates at 5.25 percent - 5.50 percent on Wednesday for the sixth consecutive meeting, aligning with market expectations.

Following a two-day Federal Open Market Committee (FOMC) meeting, the US central bank announced its decision, noting a lack of further progress toward the committees two percent inflation objective.

The FOMC does not expect it will be appropriate to reduce the target range until it has gained greater confidence that inflation is moving sustainably towards 2 percent, the Fed said.

The FOMC indicated that it continues to lean towards potential reductions in borrowing costs, but has raised concerns about recent disappointing inflation figures.

It has hinted...