WASHINGTON — The Federal Reserve on Wednesday left its benchmark interest rate unchanged while signaling further gradual rate hikes in the months if the economy stays healthy.

The Fed’s widely expected decision kept the central bank’s key short-term rate at 1.75 percent to 2 percent — the level hit in June when the Fed boosted the rate for a second time this year.

The Fed projected in June four rate hikes this year, up from three in 2017. Private economists expect the next hike to occur in September with a fourth expected in December.

The Fed’s statement was upbeat on the economy, pointing to a strengthening labor market, economic activity growing at “a strong rate,” and inflation that’s reached the central bank’s target of 2 percent annual gains.