The U.S. Federal Reserve has opted not to take further economic stimulus measures at a meeting of the interest rate-setting Federal Open Market Committee.

The U.S. central bank announced after the two-day meeting's closing Wednesday that U.S. economic activity slowed over the first half of the year.

The bank forecast that the U.S. economy will recover very slowly with gradual economic growth expected in upcoming quarters.

The central bank decided Wednesday to maintain its zero to a quarter percent interest rate range.

Ahead of the Federal Reserve’s announcement, European stock prices both rose and fell while stock prices at the New York Stock Exchange dropped.