Fed holds off on rate hike, still sees two hikes this year

The Federal Reserve will leave its interest rate target unchanged, a broadly expected decision Wednesday that means that at least half a year will have elapsed between Fed moves on interest rates.

Officials at the central bank, however, still projected that they would raise rates twice this year, the key detail that investors were looking for Wednesday. At the same time, the Fed members indicated that they now see short-term rates rising slower in future years, ultimately rising from below 0.5 percent today to just 2.4 percent in 2018, down from a previously projected 3 percent.