The US Federal Reserve kept its benchmark interest rate unchanged on Wednesday, and announced the gradual end to a crisis-era stimulus program in a sign the economy is on sound footing.

The Fed statement following its two-day policy meeting noted that the devastation caused by Hurricanes Harvey, Irma and Maria are "inflicting severe hardship" on communities.

However, the central bank said the economic impact of the storm is likely to be felt only in the near term.