LIVE: Janet Yellen speaks

Federal Reserve Chair Janet Yellen is about to begin her press conference following the two-day policy meeting in Washington.

The Fed's statement, released earlier on Wednesday, showed that it kept rates unchanged, and thought that the case for a rate hike this year had strengthened.

"The Committee judges that the case for an increase in the federal funds rate has strengthened but decided, for the time being, to wait for further evidence of continued progress toward its objectives," the Fed said.

Three FOMC members thought the Fed should have raised rates at this meeting.

On the labor market, the committee noted that job gains have been strong in recent months, but the unemployment rate has held steady. And on inflation, which is still shy of its 2% target, the Fed said it expects prices to remain low because of the drop in energy costs, but to rise in the medium term.

After summarizing the statement and outlining why the Fed decided to wait, Yellen will take questions from the media.

We'll update this post as she speaks, so refresh for updates.