Federal Reserve maintains its patience

The Federal Open Market Committee decided on Tuesday 16 March to keep its target for the federal funds rate at 1 per cent, repeating that it can be "patient in removing its policy accommodation".

The Fed's decision came as no shock but did come in for some criticism. The New York Times on Wednesday urged the FOMC to "get started," saying continued low rates would eventually lead to abrupt and painful hikes. "It cannot wait until after the election, nor until it sees inflation pick up," the rep