02:32 PM EDT, 06/18/2025 (MT Newswires) -- The Federal Reserve on Wednesday kept its benchmark lending rate unchanged for a fourth straight meeting, while acknowledging that economic uncertainty has dropped.

The Federal Open Market Committee left interest rates in the range of 4.25% to 4.50%, in line with Wall Street's expectations. Policymakers lowered rates by 50 basis points in September and by 25 basis points each in November and December.

President Donald Trump has been repeatedly urging the Fed to cut rates.

"Uncertainty about the economic outlook has diminished but remains elevated," the FOMC said Wednesday following its two-day meeting. "The committee is attentive to the risks to both sides of its dual mandate."

In May, the FOMC said that economic uncertainty had "increased further" and so had the risks of higher inflation and unemployment.

"The unemployment rate remains low, and labor market conditions remain solid," the FOMC said Wednesday. "Inflation remains somewhat elevated."

Official data released earlier this month showed that US consumer inflation unexpectedly decelerated in May, while producer prices rebounded less than expected. The world's largest economy added more jobs than projected last month, while the unemployment rate stayed at 4.2%.

The US and China recently agreed on a framework for implementing a trade deal that suspended most tariffs on each other's imports for 90 days. The latest development came after the two nations accused each other of violating the pact. In April, Trump declared a 90-day pause on certain tariffs for countries that didn't retaliate to his reciprocal duties.

Israel and Iran have traded missiles since Friday, when Tel Aviv launched airstrikes across Tehran, targeting its military infrastructure and nuclear facilities.

The FOMC's next meeting is scheduled for July 29-30.