The Federal Reserve left its benchmark fed funds rate range unchanged at 3.50%-3.75% on Wednesday, extending its pause for a sixth consecutive meeting as policymakers continue to grapple with stubborn inflation. “Inflation remains elevated relative to the Committee's 2 percent goal, in part reflecting supply shocks that have driven price increases in certain sectors, including energy,” the policy statement read. “Economic activity is expanding at a solid pace despite elevated uncertainty that owes, in part, to the conflict in the Middle East. “Job gains have kept pace with the workforce, and the unemployment rate has changed little.” Futures markets had assigned roughly a 65% probability to a hold and 35% odds of a quarter-point increase, according to CME FedWatch data.