The Federal Reserve on Wednesday announced that it will leave its benchmark interest rate unchanged as policymakers continue to monitor inflation and the labor market amid elevated levels of economic uncertainty.

The central bank’s decision leaves the benchmark federal funds rate at a range of 4.25% to 4.5%.

It comes after the Fed left rates at that level at its two previous meetings in January and March, which followed three consecutive rate cuts at its preceding meetings – which involved a 50-basis-point cut in September and a pair of 25-basis-point reductions in November and December.

The Federal Open Market Committee (FOMC), which guides the central bank’s monetary policy moves, noted in its announcement that “[u]ncertainty around the economic outlook has increased further” and the Fed is monitoring risks to both sides of its dual mandate, adding that risks of higher unemployment and higher inflation have risen.

“Although swings in net exports have affected the data, recent indicators suggest that economic activity has continued to expand at a solid pace,” the FOMC wrote. “The unemployment rate has stabilized at a low level in recent months, and labor market conditions remain solid. Inflation remains somewhat elevated.”

This is a developing story. Please check back for updates.