Washington, June 15 : The US Federal Reserve has left the interest rate unchanged for the first time after March 2022, ending a stream of 10 consecutive hikes to curb inflation.

The decision snapped a string of 10 consecutive rate hikes delivered as the Fed responded to the worst outbreak of inflation in 40 years with a matching set of aggressive policy moves, including four outsized increases of three-quarters of a percentage point last year. In an effort to balance risks to the economy with a still unresolved fight to control inflation, "holding the target (interest rate) range steady at this meeting allows the committee to assess additional information and its implications for monetary policy", the rate-setting Federal Open Market Committee said. The comment came in a unanimous policy statement issued at the end of its latest two-day meeting. Further rate increases would "take into account the cumulative tightening of monetary policy, the lags with which monetary policy affects economic activity and inflation, and economic and financial developments", it said. The new projections, adding a hawkish tilt to Wednesday's interest rate decision, show policymakers at the median see the benchmark overnight interest rate rising from the current 5-5.25% range to a 5.50-5.75% range by the end of the year. Half of the 18 Fed officials pencilled in their "dot" at that level, with three seeing the policy rate moving even higher - including one official who sees it rising above 6%.