As was widely expected, the Federal Reserve announced Wednesday it has decided to maintain the target range for the federal funds rate at 1/4 to 1/2 percent.
The Fed's statement noted that information received since its June meeting indicates that the labor market strengthened and that economic activity has been expanding at a moderate rate.
While the statement was largely unchanged from the previous meeting, the Fed did say near-term risks to the economic outlook have diminished.
The decision to leave rates unchanged was not unanimous, as Kansas City Fed President Esther George preferred to raise the target range for the federal funds rate to 1/2 to 3/4 percent.
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