LIVE: Janet Yellen is speaking

Federal Reserve chair Janet Yellen is speaking live in Washington following the release of the the Fed's monetary policy decision.

The Fed did not raise interest rates at its meeting, but the latest "dot plot" suggests that the Fed will raise rates at some point this year.

The Fed's latest statement kept more or less the same language with respect to interest rate increases, while the Fed's economic outlook downgraded GDP expectations for this year and indicated a slightly higher range for the unemployment rate in 2015.

Yellen started the press conference discussing the weakness in the economic data in the first quarter of 2015. She said that the FOMC expects a moderate pace of GDP growth, and the labor market is showing further progress, but the pace is "slower than it was late last year."

Keep it here as this post will updated while Chair Yellen speaks ...