Keeping a tight lid on its future intentions, the Federal Reserve on Wednesday held interest rates steady at zero and provided only faint clues about when the first hike in nine years might occur.
Adhering to market expectations, the Fed’s Open Market Committee voted essentially to maintain the status quo that has prevailed since the U.S. central bank first went to zero rates in late-2008.
FOMC members deemed economic activity “expanding moderately” with various sectors seeing some activity. The language, though, was tempered and the various indicators the Fed uses to tip its hand on policy showed little movement. Economic estimates from Fed officials showed a considerably lower expectation for growth this year.