Fed holds interest rates

The Federal Reserve has again opted not to raise the bank's key interest rate following two days of meetings.

The Fed last raised interest rates in December, and that was the first such increase in nearly a decade.

Fed Chair Janet Yellen says the board is still waiting for the right moment to raise rates.

Yellen said, “our decision does not reflect a lack of confidence in the economy. Conditions in the labor market are strengthening, and we expect that to continue. And while inflation remains low, we expect it to rise toward two percent objective over time. But with labor markets' slack being taken up at a somewhat slower pace than in previous years, scope for some further improvement in the labor market remaining, and inflation continuing to run below our two percent target, we chose to wait for further evidence of continued progress toward our objectives."

At least three top Fed officials wanted to raise interest rates.

Yellen admitted that there are growing calls to raise rates, but warned now was not the time.

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