The FOMC said that 'in recent months, there has been a lack of further progress' on lowering inflation to the Fed's 2% goal.

The Federal Reserve System is the central bank of the United States. It performs five general functions to promote the effective operation of the U.S. economy and, more generally, the public interest.

U.S. stocks are holding relatively steady after the Federal Reserve said it would keep its main interest rate at the highest level since 2001, just as markets expected. The S&P