"Recent indicators suggest that economic growth is moderating from its quite strong pace," the Fed's policy-making committee said.

As usual, the Fed's policy-making committee offered no explanation for its decision not to raise the short-term rates it controls.

Today's meeting of the Fed's policy-making committee was the third consecutive time that the central bank has passed up a chance to raise short-term interest rates.

The Fed's policy-making committee earlier this month declined to raise rates, as some traders had expected.

The Fed's policy-making committee is next scheduled to meet on Sept. 20.

The Fed's policy-making committee is scheduled to meet on July 5 to consider long-term monetary policy.

The Fed's policy-making committee is next scheduled to meet for two days, starting Feb. 4.

Two of the 12 members on the Fed's policy-making committee voted against the panel's decision then to hold interest rates steady.

"Readings on core inflation have been elevated in recent months," the Fed's policy-making committee said.

Indeed, the Fed's policy-making committee decided last week to leave rates unchanged.