In part, the baseline outlook for real activity and inflation is little changed because investors responded to those developments by marking down their expectations for the future path of the federal funds rate, thereby putting downward pressure on longer-term interest rates and cushioning the adverse effects on economic activity. In addition, global developments have increased the risks associated with that outlook.
In light of these considerations, the Committee decided to leave the stance of policy unchanged in both January and March. 1  Board of Governors (2015), paragraph 4.