China uncertainty, oil prices prompt Fed to hold off on interest rate hikes

The US Federal Reserve announced on Wednesday that it would hold off on further increases in interest rates for at least another month, citing uncertainty in China and oil price volatility as contributing factors in its decision, The Guardian reported, citing a statement released at the close of the regulator’s two-day March meeting. The Fed pointed to a backdrop in which “global economic and financial developments continue to pose risks,” noting that “inflation is expected to remain low in the near term, in part because of earlier declines in energy prices,” though Chair Janet Yellen cautioned that “policy is not on a pre-set course”.