The Federal Reserve left the federal funds rate unchanged at its July meeting, keeping the target range of 5.25% to 5.5%. In its statement, the committee says "risks to achieving its employment and inflation goals continue to move into better balance" and "there has been some further progress toward the Committee's 2 percent inflation objective."

The decision was unanimous, with Chicago Fed President Austan Goolsbee voting as an alternate due to the retirement of Loretta Mester, who ran the Cleveland Fed.

Yahoo Finance Federal Reserve reporter Jennifer Schonberger reports on the breaking statement.

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This post was written by Stephanie Mikulich.