WASHINGTON The following are highlights of Federal Reserve Chair Janet Yellen's press conference on Wednesday following the end of a two-day meeting of the U.S. central bank's policy-setting committee.
Yellen on rate outlook:
"We judged that the case for an increase has strengthened but decided for the time being to wait for further evidence of continued progress toward our objectives."
Yellen on why rates kept on hold:
"Our decision does not reflect a lack of confidence in the economy. Conditions in the labour market are strengthening and we expect that to continue. While inflation remains low we expect it to rise toward the 2 percent objective over time. But with labour market slack being taken up at a somewhat slower pace than in previous years, scope for some further improvement in the labour market remaining and inflation continuing to run below our 2 percent target, we chose to wait for further evidence of continued progress toward our objectives."
(Reporting by Washington economics team)