(Photo: Xinhua)

WASHINGTON, Dec. 11 (Xinhua) -- The US Federal Reserve on Wednesday left interest rates unchanged after cutting rates at each of the last three meetings, as officials assessed the effect of rate cuts on the US economy.

The Federal Open Market Committee, the Fed's policy-making committee, decided to maintain the target range for the federal funds rate at 1.5 percent to 1.75 percent after concluding a two-day policy meeting, in line with market expectations.

"Information received since the Federal Open Market Committee met in October indicates that the labor market remains strong and that economic activity has been rising at a moderate rate," the Fed said in a statement, adding that household spending has been rising at a strong pace while business fixed investment and exports remain weak.

"The Committee will continue to monitor the implications of incoming information for the economic outlook, including global developments and muted inflation pressures, as it assesses the appropriate path of the target range for the federal funds rate," said the statement.

The US economy expanded at an annual rate of 2.1 percent in the third quarter this year, slightly up from the 2-percent growth rate in the second quarter but a sharp deceleration from 3.1 percent in the first quarter, according to the US Commerce Department.

The Fed has lowered interest rates three times since July, amid growing risks and uncertainties stemming from trade tensions, weakness in global growth and muted inflation pressures.