Yesterday, the United States economic sector was holding their breath while waiting to see if the Federal Reserve would raise interest rates. Today, they breathed a sigh of relief as Janet Yellen, at the conclusion of her two day meeting, decided against a rate hike. Despite the suspense, the general consensus before the announcement was made was that a rate hike would not be on the cards. A low jobs report in May, along with diminished job gains, has contributed to Yellen’s decision. The Fed initially estimated an economic growth rate of about 2.2% for the United States in 2016. Following the May labor report, they cut that estimate to just 2%. Overall, it paints a picture of a slowing U.S. economy.

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