The Federal Reserve left its key interest rate unchanged at about 3. 9% Wednesday as inflation remained elevated, offering few clues about its next move.

What they're saying: "Inflation remains elevated," the Fed said in a statement released after its two-day policy meeting.

Holding off on an increase will allow "the accumulation of more information" that will help determine what policy the Fed should pursue "to ensure a timely return of inflation" to the central bank's 2% inflation target, the statement said.