The Federal Reserve is still waiting for the right moment to raise interest rates.

Fed leaders decided not to increase the bank’s key interest rate on Wednesday at the conclusion of a two-day meeting. The decision was largely expected by economists and investors who bet there was very little chance of a move.

The Fed said in a statement that the case for an increase in rates had “strengthened” but wanted to “wait for further evidence of continued progress toward its objectives.”

The Fed downgraded its forecast for economic growth in 2016 for the third time this year. It now projects growth this year to be 1.8%. In June it forecast growth of 2%.

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