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The United States Federal Reserve is anticipated to delay interest rates for a while as it tries to stabilize worries over the health of the global economy with latest indications that domestic inflation is edging down.

After the central bank raised interest rates in December for the first time in almost a decade, it noted at its last policy meeting in January that further weakening oil prices and declining inflation is still expected.

Most recent policy statement from the Federal Reserve will be published later in the day, along with updated economic projections, which will indicate the level of necessity for policy makers to continue with the gradual rate hike path they started last year.

Federal Reserve Chair Janet Yellen is also slated to hold a press conference later in the day.

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In January, the Federal Reserve held altogether from characterizing the risks facing the United States economy and its own policy outlook, as concerns rose over the potential spillover from slumping economies in China and Europe.

However, a recent group of robust United States economic data, including unanticipated faster job growth in February, has reduced worries that those foreign headwinds, and the tighter financial conditions they fueled, could derail the United States economy.

Inflation has also indicated signs of stabilizing, with one gauge released by the Dallas Federal Reserve surging 1.9 percent, a slight of the Federal Reserve’s medium term 2 percent target.

Moreover, the unemployment rate, which was at 4.9 percent in February, is close to the level many Federal Reserve officials believe represents full employment.

The European Central Bank’s decision last week to further cut monetary policy also may make the Federal Reserve more comfortable that action has been take to underpin growth in Europe, supporting ensure a stalling of the global growth drag on the home front.

The mere fact that the United States economy is continuing to rise and create jobs at a respectable pace, analysts noted that the Federal Reserve’s policy setting committee is likely to judge the risks as having become more stabilized, creating ways for more rate hikes this year.

As stated by a market analyst, “The center of the committee will likely recognize that the data do not suggest any material slowdown in the U.S. economy and that financial markets have stabilized, at least for now. The best course of action in this situation is to leave rate hikes on the table at the next couple of meetings.”

Federal Reserve policy makers’ economic projection will compose a fresh assessment of where each one sees the federal funds rate to be by the end of 2016 as well as estimates for gross domestic product growth, inflation, and unemployment.

The raising of interest rates projection after the December policy meeting was for four quarter point climbs this year. That is anticipated to slip to three or even two increases on Wednesday.

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On Tuesday, Federal funds futures suggested that market players saw 50 percent chance that the Federal Reserve would hike interest rates in June and an 80 percent chance it would also surge in December.

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