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WASHINGTON, March 20-- The U.S. Federal Reserve on Wednesday left interest rates unchanged after concluding a two-day policy meeting, in a move that met market expectations and reflected the central bank's patient approach regarding monetary policy changes. In support of the goals of fostering maximum employment and price stability, the Federal Open Market Committee (FOMC) decided to maintain the target range for the federal funds rate at 2.25 percent to 2.5 percent, the central bank said in a statement. The FOMC, the Fed's monetary policymaking body, continues to view sustained expansion of economic activity, strong labor market conditions, and inflation near the Committee's symmetric 2 percent objective as the most likely outcomes, said the statement. "In light of global economic and financial developments and muted inflation pressures, the Committee will be patient as it determines what future adjustments to the target range for the federal funds rate may be appropriate to support these outcomes," it said. Addressing a press conference, Fed Chairman Jerome Powell said he and his colleagues believe that the central bank "should be patient in assessing the need for any change in the stance of policy." "Patient means that we see no need to rush to judgment," he said. "It may be some time before the outlook for jobs and inflation calls clearly for a change policy." Rate projections released after the policy meeting showed that 11 of the 17 officials who participated in setting interest-rate policy didn't predict any rate hikes whatsoever this year, while the rest of the six participants foresaw between one and two increases. In December, the median projection for the number of rate hikes this year was two. | 
