Fed keeps key interest rate steady but sees fewer risks

In this Wednesday, June 22, 2016, file photo, Federal Reserve Chair Janet Yellen testifies on Capitol Hill in Washington, before the House Financial Services Committee hearing on U.S. monetary policy. The Federal Reserve releases its latest monetary policy statement Wednesday, July 27, after wrapping up a two-day meeting.

WASHINGTON - The Federal Reserve is keeping interest rates unchanged while noting that near-term risks to the economy have diminished.

The Fed said Wednesday that the U.S. job market has rebounded, with strong job gains in June after a slump in May. But it said in a statement after its latest policy meeting that it still plans to monitor global economic threats and financial developments to ensure that they don't slow the economy.

The central bank gave no hint of when it might resume the rate hikes it began in December, when it raised its benchmark rate from a record low.

Some economists think a hike is possible in September, if hiring remains solid and the turbulence that followed Britain's vote to leave the European Union continues to stabilize.

The decision to leave its key rate unchanged in a range of 0.25