The Federal Reserve decided to leave interest rates unchanged, a move that had become increasingly expected as the Fed meeting drew closer, due to low inflation and concerns over instability in global financial and currency markets. Federal Reserve Chairwoman Janet Yellen said that “heightened uncertainties abroad” convinced the board to wait before raising interest rates. A rate hike is still likely before the end of the year, but probably no more than 0.25 percent. The Fed cited strong consumer demand, solid job gains, declining unemployment – all reasons that a rate increase is likely sometime soon. When that increase does occur, it will be the first increase in almost a decade. Crude oil prices barely budged on the news, trading slightly down.

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