WASHINGTON - The Federal Reserve is keeping a key interest rate unchanged against the backdrop of a global economic slump and providing no hint of when its next rate hike may occur.
A statement the Fed issued after its latest policy meeting notes that the United States is enjoying solid job gains despite a slowdown in growth. The Fed says it also expects inflation to move toward its 2 percent target from persistently low levels.
But with China, Europe and other major economies struggling and potentially threatening U.S. growth, the Fed decided to hold off on a further rate increase.
The Fed raised its benchmark rate from a record low near zero in December. Some economists say it may not raise it again before the second half of this year.