Fed keeps key interest rate unchanged while noting stronger job growth, shrinking risks

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WASHINGTON (AP) — The Federal Reserve is keeping interest rates unchanged while noting that near-term risks to the economy have diminished. The Fed says that the U.S. job market has rebounded, with strong job gains in June following weak growth in May. But it says in a statement after its latest policy meeting that it still plans to monitor global economic threats and financial developments to ensure they don't slow the economy. The central bank gave no hint of when it might resume the rate hikes it began in December, when it raised its benchmark rate from a record low. Some economists think a hike is possible in September, if hiring remains solid and the turbulence that followed Britain's vote to leave the European Union continues to stabilize.

Fed keeps key interest rate steady but sees fewer risks