The US Federal Reserve does not expect to raise interest rates for the rest of 2019 amid slower economic growth.
After a two-day meeting, monetary policymakers voted unanimously to keep the US interest rate range between 2.25%-2.5%.
Fed members changed their outlook for 2019 from the two increases predicted in December to no movement.
The central bank warned that “growth of economic activity has slowed from its solid rate in the fourth quarter”.
It said: “Recent indicators point to slower growth of household spending and business fixed investment in the first quarter.”
Joe Manimbo, senior market analyst at Western Union Business Solutions, said: “The Fed did a big about-face on policy.
“The fact that the Fed threw in the towel on a 2019 rate hike was particularly dovish.”
Fed chairman Jerome Powell maintained his stance that the central bank would continue to be “patient”, telling a press conference: “It may be some time before the outlook for jobs and inflation calls clearly for a change in policy.”