US Federal Reserve or central bank has decided not to raise its key interest rate and keep them at the same level since December 2008. It said nine members of its Federal Open Market Committee voted to hold the key federal funds rate target at Zero to 0.25 per cent.
Federal Reserve Chair Janet Yellen said officials want more improvements in the labour market and need to see inflation rise to the 2 percent annual rate they think is best for the economy. Yellen told newspersons in Washington Thursday at the end of two days of debate among top Fed officials about where to set rates.
Committee member Jeffrey Lacker was the only dissenter, favouring a 0.25 percentage point rise. The Fed made it clear that concerns about the strength of the global economy had influenced its decision.