For the second meeting in a row,

Federal Reserve

policymakers left their target fed funds rate unchanged, saying U.S. economic growth appears to be continuing to moderate.

The target remained at 5.25%, the same level at which it's been since June. At the August meeting, the Fed didn't hike rates either, but before that had implemented a quarter-point hike at every meeting going back to June 2004.

The Fed's statement accompanying the decision attributed the cooler economy in part to a slowing housing market.

"Readings on core inflation have been elevated, and the high levels of resource utilization and of the prices of energy and other commodities have the potential to sustain inflation pressures," the Fed said.

"However, inflation pressures seem likely to moderate over time, reflecting reduced impetus from energy prices, contained inflation expectations, and the cumulative effects of monetary policy actions and other factors restraining aggregate demand," the statement continued.