The Federal Reserve kept its easy-money policies intact as markets reeled from a series of global shocks that could upset a firming U.S. recovery, which Fed officials indicated was just starting to take hold.
Fed officials also said the strong rise in international commodity prices was putting upward pressure on prices. Officials said that, while they would monitor the evolution of inflation closely, they expect the effects of higher oil prices to be transitory.
After their policy-setting meeting Tuesday, central bank officials noted further improvements in consumer spending amid a slightly brighter U.S. jobs picture.
Full story: Fed leaves policy unchanged amid global shocks