REUTERS/Gary Cameron
As always, economists and market watchers will be parsing the Fed's assessment of the economy to try and answer the question: what was the Fed thinking?
The Fed's policy-setting arm - the Federal Open Markets Committee (FOMC) - left its benchmark rate unchanged in March, as expected.
But what markets did not anticipate was a lowering of the Fed's forecast for interest rate increases this year from four to two.
The headline explanation was that there are global economic and financial headwinds that continue to pose risks to the US economy.
And last week, Federal Reserve chair Janet Yellen explained further that the Fed would rather sit tight, watch what the data is doing, and raise rates cautiously. The less desirable option is to raise rates too quickly and then be left with limited tools to support the economy if things go pear-shaped.
Over the weekend, RBC Capital Markets' chief economist Tom Porcelli said in a note that the Fed has now basically expanded its dual mandate - of full employment and price stability - to include the global economy. And, Yellen has linked global developments to these two domestic mandates.