On Thursday, the Federal Reserve Board decided to leave interest rates unchanged due to developments in the global economy and downward pressure on inflation.

Bloomberg said that in keeping the federal rates at current levels of zero to 0.25%, policy makers are clearly not convinced inflation will move gradually back to the 2% target, despite continued gains in the labor market. According to Bloomberg, unemployment in August fell to its lowest level since April 2008 (5.1%).

There does not appear to be any clear timetable for when the Fed will raise rates with the Fed saying in a release: “The committee currently anticipates that, even after employment and inflation are near mandate-consistent levels, economic conditions may, for some time, warrant keeping the target federal funds rate below levels the Committee views as normal in the longer run.”