The US Federal Reserve said Wednesday the case for raising interest rates has strengthened with improving economic conditions, but monetary policymakers decided to wait for more progress before acting.

Coming just a few days before the bitterly-contested presidential election, the US central bank kept the key benchmark interest rate at the same level where it has been since December 2015, a move universally expected by analysts.

However, the Fed, while not explicit, left open the possibility of a rate hike soon. Two central bankers dissented on the vote, favoring an immediate increase.