The US Federal Reserve decided today, Wednesday, to keep interest rates unchanged in a range of 3.75% to 4.00%.

The decision was in line with most market expectations, which had favored a hold to allow a pause and an assessment of the economy's direction.

Traders had broadly expected the central bank to leave rates unchanged today in the 3.75% to 4% range, but they see an 84% probability of a hike in December, according to CME Group's FedWatch tool.

The meeting of the Federal Open Market Committee, the Fed's monetary policy body, which began yesterday and ended today, came less than a week before the US congressional midterm elections, in which rising prices and affordability have been one of the main campaign issues. Consumers are broadly frustrated by higher prices for fuel, groceries, clothing and more.

The Federal Reserve aims to bring US inflation down to 2%, which is usually achieved by raising key interest rates. Over time, higher rates can slow consumer spending and inflation, according to the Associated Press.