The U.S. Federal Reserve on Wednesday kept its federal funds rate unchanged amid recent weak economic data and tepid inflation.
"The Committee judges that the case for an increase in the federal funds rate has strengthened but decided, for the time being, to wait for further evidence of continued progress toward its objectives," the Fed said in a statement released Wednesday after the two-day policy meeting.
The Fed raised its target range for the federal funds rate by 25 basis points to 0.25-0.5 percent in December last year, the first rate hike in nearly a decade.
However, a slowdown in global economy since the start of this year and other global financial risks have made Fed policymakers cautious to hold off on any further rate hikes.
