"In determining the timing and size of future adjustments in federal fund rates to the target range, the Fed will assess realised and expected economic conditions relative to its objectives of maximum employment and 2 per cent inflation", the FOMC statement said. Another chart for futures-implied probability of "No Rate Hike" suggests the probability of the Fed not increasing rates this year has jumped to 35%. Asian share markets slipped after a late selloff on Wall Street as investors were concerned the Federal Reserve might continue raising rates despite a turbulent backdrop for financial markets and much of the global economy. Oil prices have also plummeted this year, which could keep U.S. inflation below the Fed's 2 per cent target for longer, but a recent uptick in the consumer price index outside of food and energy could point to a stronger medium-term inflation outlook. The Dow .DJI ended Wednesday with losses of 1.38 percent, while the S&P 500 .SPX fell 1.09 percent and the Nasdaq .IXIC shed 2.18 percent. The Federal Reserve left its key interest rate unchanged on Wednesday after the first monetary policy meeting of 2016. The median projection of policy makers' forecasts in December called for four quarter-point rate increases in 2016; futures markets indicated ahead of the FOMC statement that traders see just one or two hikes coming. "The weakened confidence in the USA recovery is a factor weighing down on the Korean stock market, but if any signal for a slower pace of tightening emerges, that will help the local market", he added. Moderate growth constitutes modest growth in household spending, along with an increase in fixed business investments. "But if things were to turn around in the global market in the near term, a rate hike in March will not be off the table", said Thomas Simons. Markets have been fickle in response to recent Fed moves. In Europe, London's main stocks index was down 0.8 percent around midday Thursday, as investors digested data showing that British economic growth slowed sharply previous year on global turbulence. "They want to see if everything in the global economy and financial markets is really going to bleed through and affect inflation and their outlook for the economy". It is now down almost six per cent from the same time past year. "The Fed did the right thing by not making any significant changes, if they did come out and sound overly dovish, I think that would effectively shut the door on a March hike", said Tom Porcelli, chief economist at RBC Capital Markets in NY. That's more evidence that everyday Americans who drive the economy haven't been spooked by the market dip, suggesting the Fed may stay the course.

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