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The Federal Open Market Committee Wednesday said it is leaving the federal funds target rate unchanged at a range of 0.25 to 0.5 percent and is making no policy changes this month.

The FOMC released this policy statement at the close of its two-day meeting Wednesday.

"The FOMC's decision to hold off on a rate hike was widely expected, as recent readings on consumer spending and inflation has been weak," said NAFCU President and CEO Dan Berger. "More importantly, uncertainty over the global economy has led policymakers to take a wait-and-see approach."

"All eyes shift to the next meeting in June, but in the absence of inflationary pressure, there is little urgency for the Fed to resume rate normalization," Berger added. The committee meets for another two-day policy-setting session June 14-15.

The FOMC raised the federal funds target rate to a range of 0.25 to 0.5 percent in December.

NAFCU's research team also issued a Macro Data Flash report detailing the FOMC session.