US economic growth missed forecasts this past quarter thanks to a weak start to the year—which included global volatility that made both investors and companies wary.

GDP rose 1.2% compared to Q2 '15, the Commerce Department reported Friday, though on average Bloomberg-surveyed analysts estimated a 2.5% boost to the economy in Q2.

The shortfall comes at a time when the Federal Reserve is surveying the country’s economic performance, Bloomberg reports. This week, the Fed held off on an interest rate hike, even though the Federal Open Market Committee says the US economy is less susceptible to risks and the labor market is tightening.

Economists told Bisnow the next rate hike will likely be delayed until after the presidential elections.

“Not only [is the Fed] likely to avoid taking a stand during the convention cycle of the election out of an abundance of caution, but they have the luxury of some time to see how the economy changes throughout this quarter,” Yardi director of research and publications Jack Kern told Bisnow. [Bloomberg]