WASHINGTON — (CNN) The Federal Reserve has decided not to raise its key interest rate.

The U.S. central bank made the announcement Wednesday at the end of its two-day meeting.

It’s a decision almost everyone expected, but it also means the Fed is now running out of time for a rate hike in 2015.

The Fed cited the recent weakness in the U.S. economy in its statement.

“The pace of job gains slowed,” the Fed said. “Net exports have been soft.”

The Fed also said it is “monitoring” the global economic slowdown.

The Fed now has only one more meeting left this year, in December, to raise the rate.

But even though many Fed officials have said a rate hike is likely in 2015, chances are starting to dim. Inflation remains flat, the September jobs report was disappointing and manufacturing is getting hurt by the strong U.S. dollar.

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