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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.

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