WASHINGTON (AP) – The Federal Reserve is keeping interest rates unchanged in light of an uncertain job market, while offering no specifics about when its next rate hike might occur.
The Fed said in a statement Wednesday after its latest policy meeting that the pace of job growth has slowed, even as the overall economy has picked up speed.
The central bank indicated that it needs a clearer picture of economic developments before raising rates again. It noted that the consequences of a slowdown in exports have lessened.
Some economists think a July rate increase is possible if the job market rebounds and markets remain calm after Britain’s vote next week on whether to leave the European Union.
For weeks, the Fed had been expected to consider raising rates at its June meeting. That view was encouraged by the minutes of its most recent meeting in April. The minutes suggested that a rate hike was likely if hiring and economic growth strengthened and inflation showed signs of accelerating toward the Fed’s 2 percent target rate.