The policy-making arm of the Federal Reserve has decided to keep the federal funds rate at a range of 0.5 to 0.75 percent at its February meeting.
The Federal Open Market Committee decides whether to hike rates based on the central bank's two objectives, maximum employment and inflation rising to its two percent objective.
The Fed began a low-interest rate policy in 2008 when it initially brought rates to zero. Since then the Fed has hiked rates twice—once at its December meeting in 2015 and again at its December meeting in 2016.
While the Fed noted that the labor market continues to strengthen, and inflation has increased in recent quarters, it decided to keep rates unchanged from the Fed's last meeting.
"Job gains remained solid and the unemployment rate stayed near its recent low," the committee said. "Inflation increased in recent quarters but is still below the Committee's 2 percent longer-run objective."
The committee said it would continue to monitor inflation indicators as well as global economic and financial developments in determining the timing and size of future increases to the federal funds rate.
