Fed points to softer U.S. labor market, weak economic growth

By Michael Flaherty and Howard Schneider WASHINGTON (Reuters) - The Federal Reserve on Wednesday pointed to weakness in the U.S. labor market and economy, in a sign that the central bank is struggling to proceed with its plans to raise interest rates this year. The Fed's policy statement puts it on track to begin a meeting-by-meeting approach toward deciding when to pull the trigger on its first rate hike since June 2006. The central bank, however, acknowledged soft patches across the econo