Federal Reserve Leaves Rates Unchanged, Signals Slower Pace of Future Hikes

The Federal Reserve left short-term interest rates unchanged on Wednesday and expects to raise rates at a slower pace over the next few years, than previously reported. While the Fed expects the fed funds rate to reach 0.875 percent at the end of 2015, six Fed officials see rates reaching 0.625 percent by the end of this year. The Fed sees rates hitting 1.625 percent at the end of 2017, compared to its 1.875 percent forecast in March. TheStreet's Scott Gamm speaks with John Lonski, chief capital markets economist at Moody's.