Federal Reserve votes to keep interest rates at current levels

The central bank decided not to raise interest rates Wednesday at the end of its two-day meeting. The decision was in line with expectations after a brutal May jobs report.

"The pace of improvement in the labor market has slowed," the Fed said in a statement. "Although the unemployment rate has declined, job gains have diminished."

The Fed cut its forecast for U.S. economic growth in 2016 to 2%, down from 2.2% earlier. This is the second time this year that the Fed is reducing its expectations for U.S. economic growth. The Fed also slightly decreased its projection for economic growth in 2017.

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