The U.S. Federal Reserve kept its key interest rate unchanged for the fourth consecutive time on Wednesday as expected.

Following a two-day meeting of the Federal Open Market Committee, the Fed said in a statement that it decided to maintain the target range for the federal funds rate at five-point-25 to five-point-five percent.

The Fed said in a statement that the Committee does not expect it will be appropriate to reduce the target range until it has gained greater confidence that inflation is moving sustainably toward two percent.

Wednesday's decision maintains the two-percentage-point gap between the Fed’s rate and that of the Bank of Korea, which kept its key rate frozen at three-point-five percent in January.

Fed Chair Jerome Powell said in a press conference that rate cuts will begin at an appropriate time this year, but March is unlikely.