The U.S. Federal Reserve kept its key interest rate unchanged for the eighth consecutive time. 

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

Wednesday's decision maintains the two-percentage-point gap between the Fed’s rate and that of the Bank of Korea.

The Fed, however, hinted that it could start lowering the rate as soon as September amid easing inflation and cooling job markets.

The Fed said that inflation has eased over the past year but remains “somewhat elevated” and there has been “some further progress” toward the Fed’s two-percent inflation goal. Those are upgrades from the June statement, which simply said inflation was “elevated” and there was “modest” progress toward the two percent target. 

Fed Chair Jerome Powell also said in a press conference that a reduction in the policy rate could be on the table as soon as the next meeting in September.