The Federal Reserve left interest rates unchanged, but opened the door for hikes later this year. Bobbi Rebell reports.
The Federal Reserve kept interest rates unchanged, but said the U.S. economy is growing modestly, and pointed to job gains and improving household spending. The slightly more positive tone opens the door to a rate hike later this year. O'Shares Kevin O'Leary says the Fed made a mistake by not already raising rates this year- including at this meeting. (SOUNDBITE) KEVIN O'LEARY, CHAIRMAN, O'SHARES INVESTMENTS, (ENGLISH) SAYING: "Certainly, the economy can take another 25 basis points. It would have been good. It would have just shaken and stirred everything up a little bit, and make people wake up to realize that there is a good tonality to our economy." The Fed has held steady on rates since last December, when the central bank raised them for the first time in nearly a decade. But faced with a global economic slowdown, market volatility, and uncertainty over the impact of Britain's vote to leave the European Union, the Fed has put a change in policy on pause. The Fed meets three more times this year - in September, November, and December.