Data since then shows payrolls still growing solidly while consumer prices are showing some signs of ticking higher
Central bankers have of course been known to help incumbents before elections, by allowing inflation to drift up and keep employment booming
However, analysts widely hold that the Fed would keep interest rate unchanged in its November meeting
With a potentially volatile US presidential election and two months of economic data still to come, the debate is far from over
Gold is up 1.4 per cent at $1,334.5 an oz after the Fed's announcement
The S&P 500 Index surged after Janet Yellen's Fed joined the Bank of Japan in affirming its commitment to holding rate policy steady
Says US economic activity has picked up and job gains are 'solid' in recent months
Low interest rate in the US has forced global investors to search for yields leading to large capital flows in high-yield markets such as India and other emerging markets
Bank of Japan will also begin its two-day meeting on Tuesday to consider policy
The pace and size of rate increases look likely to remain below historical norms
Further rate hikes are expected to be few and far between as the US central bank tries to balance a desire to fuel growth
With the Fed's key interest rate at just above zero, the central bank has fewer tools if the economy sputters in the next three years, Fleming said
Financial markets are now betting heavily that the Fed will not raise rates again before 2017
A weak May US jobs report and the risk of financial and economic spillovers from the Brexit vote prompted the Fed to stand pat on rates
US Federal Reserve chairwoman Janet Yellen has not ruled out a rate hike in July
Says interest rate hikes are likely on the way because positive economic forces have outweighed the negative
Fed policymakers will be looking at inflation and empployment numbers as they decide whether to raise key interest rates as soon as June
US Fed signals faith in US economy, leaves door open for June rate hike
As it continues to monitor the impact from weakening global growth.