Despite increased household spending and further improvements in the housing sector, the Federal Open Market Committee on Wednesday voted 9-1 to keep the Fed Funds rate at its current 0% to 0.25% target range. Federal Reserve Bank of Richmond President Jeffrey M. Lacker cast the dissenting vote, recommending a 25-basis point increase.

The Fed cited soft net exports, a slowed pace of job growth and no decrease in the unemployment rate in its decision. Only one FOMC meeting remains this year, scheduled for Dec. 15-16, which caused economists to predict a rate increase won't occur until 2016.

"December is a possibility, but one has to ask if the situation has really improved since September," NAFCU Chief Economist Curt Long said in a release. "At this point, the answer would seem to be no, as the risks to inflation continue to be stacked to the downside. Early 2016 seems far more likely."