If you were worried about the Feds increasing interest rates, you're in luck. Last Thursday, the Federal Open Market Committee opted not to raise interest rates, to much surprise. Arguing that higher interest rates would only harm potential buyers, officials decided to keep the key interest rate at near-zero. Although US economic conditions have improved thanks to job market gains and declining unemployment, issues in the global financial market are causing officials to remain cautious. Financial instability in global players like China, who have a big impact on world markets, could negatively affect the US. Plus, low inflation caused by drops in oil prices has a negative effect on workers' income, which could hold back economic growth.
While officials are holding off on raising interest rates for now, policymakers warned that rates would be raised by the end of the year. At the moment, however, they are waiting to see if the labor market will grow stronger before doing so.