The International Monetary Fund (IMF) released its growth forecasts for the U.S. The IMF downgraded its growth forecast to 2.5% in 2015 from the previous forecast of 3.1%, and to 3.0% in 2016 from the previous forecast of 3.1%.

Inflation is expected to be 0.7% in 2015 and 1.5% in 2016, the unemployment is expected to be 5.3% in 2015 and 5.2% in 2016, while the budget deficit is expected to be 2.7% of the GDP in 2015 and 2.9% of the GDP in 2016.

The IMF noted that the slowdown in the U.S. economy was driven by harsh weather, a sharp contraction in oil sector investment, the West Coast port strike, and the stronger U.S. dollar. According to the IMF, these effects were temporary.

The IMF said that the Fed should delay its first interest rate hike until the first half of 2016.