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| Version 0 | Version 1 |
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| US Federal Reserve keeps interest rates on hold | US Federal Reserve keeps interest rates on hold |
| (35 minutes later) | |
| The US Federal Reserve has kept interest rates at between 0.25% and 0.5% in the face of an uncertain jobs market. | |
| The US central bank said it now expected a "slower path" for future rate rises. | The US central bank said it now expected a "slower path" for future rate rises. |
| However, the Fed indicated that it still planned two rate rises this year as the US job market continues to recover. | However, the Fed indicated that it still planned two rate rises this year as the US job market continues to recover. |
| It raised rates in December for the first time in nearly a decade. | |
| Fed policymakers did not reveal when rates might rise, but the door has been left open for an increase when they next meet at the end of July. | |
| "The pace of improvement in the labour market has slowed," the Fed said. The bank added, however, that "economic activity will expand at a moderate pace and labour market indicators will strengthen" even with gradual rate increases. | |
| The dollar fell against the euro and sterling, but Wall Street held on to earlier gains, with the S&P 500 up 0.3%. | |
| 'Dovish' | |
| The Fed now expects the US economy to expand by only 2% a year for the foreseeable future - slightly lower than the forecast in March. | |
| Brian Jacobsen of Wells Fargo Funds Management said: "It's as dovish as the Fed can get without actually cutting rates." | |
| Aaron Kohli of BMO Capital Markets agreed that the statement appeared "somewhat dovish", adding: "The market had expected them to moderate their tone a little bit given what's been going on and given the risk that we have in terms of Brexit." | |
| The Fed expected the unemployment rate to stand at 4.7% by the end of this year, before falling to 4.6% in 2017 and remain at that level in 2018. | |
| Its preferred measure of inflation should be 1.4% this year - slightly higher than the March forecast of 1.2%, rising to 1.9% in 2017 and 2% the following year. | |
| In May, US job creation fell to its lowest level in more than five years, after faltering in April. |