Federal Reserve leaves rates unchanged, accounts market selloff

The Federal Reserve, acknowledging a stock market selloff, kept interest rates unchanged and would closely monitor global economic and financial improvements, saying it cannot afford to ditch a plan to tighten this year's monetary policy. The decision by the Federal Open Market Committee was widely anticipated following stock markets in the United States and around the globe sustained month-long plunge, raising concerns a sudden global slowdown could dent US growth. In a statement, policymakers, after their two-day meeting, will be looking into the effects of global economic and financial growths in inflation and job market.

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