The United States Federal Reserve held interest rates steady for a sixth straight meeting, keeping the level at a 23-year high to fight stubborn price increases.

After a two-day gathering, the central bank decided unanimously to keep the benchmark lending rate unchanged at 5.25-5.50 per cent, citing a "lack of further progress" towards its two percent inflation target.

The Central Bank in a statement revealed that the economic outlook is uncertain, noting that the Committee remains highly attentive to inflation risks.

Federal Reserve Chairman Jerome Powell told a press conference that "It was likely that gaining such greater confidence will take longer than previously expected.

Powell added that it was unlikely that the next policy rate move will be a hike, stressing that  the central bank is prepared to hold rates steady for as long as appropriate.

Reports have it that the US central bank had for months held its benchmark lending rate at a high level to cool demand and rein in price increases, with a slowdown in inflation last year fueling optimism that the first cuts were on the horizon.