Fed Keeps Interest Rate Unchanged, Remains Mum on Timing of Hike

The Federal Reserve on Wednesday declined to raise interest rates or provide any clues about when a hike is on the way.

Image: Federal Reserve Chair Janet Yellen testifies on Capitol Hill

Federal Reserve Chair Janet Yellen testifies on Capitol Hill in Washington, Wednesday, July 15, 2015, before the House Financial Services Committee hearing on monetary policy and the state of the economy. Yellen told the committee that if the central bank waits until 2016 to begin raising rates, it could mean that subsequent hikes might occur more rapidly.Manuel Balce Ceneta / AP

July 29, 2015, 6:23 PM UTC

By Jeff Cox, CNBC

Jeff Cox, CNBC

Jeff Cox is a finance editor with CNBC.com where he covers all aspects of the markets and monitors coverage of the financial markets and Wall Street. His stories are routinely among the most-read items on the site each day as he interviews some of the smartest and most well-respected analysts and advisors in the financial world.

Over the course of a journalism career that began in 1987, Cox has covered everything from the collapse of the financial system to presidential politics to local government battles in his native Pennsylvania.