The Federal Reserve has decided not to raise its key interest rate.
The U.S. central bank made the announcement Wednesday at the end of its two-day meeting. It's a decision almost everyone expected, but it also means the Fed is now running out of time for a rate hike in 2015.
The Fed cited the recent weakness in the U.S. economy in its statement.
"The pace of job gains slowed," the Fed said. "Net exports have been soft."
The Fed also said it is "monitoring" the global economic slowdown -- toned down language compared to its September statement. Six weeks ago, the Fed said the global slowdown "may restrain," the U.S. economy.
The Fed now has only one more meeting left this year, in December, to raise the rate.