Fed officials also are awaiting the results of Britain’s June 23 referendum on continued membership in the European Union. In this environment of tepid growth and weak inflation, Fed officials once again reduced their expectations for future rate increases. The Fed, which entered the year planning to raise rates four times, has scaled back those plans as economic growth has disappointed expectations. But Fed officials said before the meeting that they remained concerned about a relapse. Consumer spending has driven domestic economic growth even as other nations spend less money on American goods.

Source: New York Times June 15, 2016 18:07 UTC