The Federal Reserve has decided not to raise interest rates at its January meeting.

FOX's Rachel Sutherland reports from Washington:

The Fed says economic growth has slowed since it raised interest rates last month from record lows.

Policymakers left the benchmark rate unchanged in a rate of 0.25 to 0.5%. The Federal Reserve says it will continue to closely monitor developments in the global economy and financial markets.

Some have said they now expect just two slight rate increases during 2016. Since the Fed raised rates Dec. 16, stock markets have plunged, oil prices have skidded, and China's leaders have struggled to manage a slowdown in the world's second-biggest economy.

In Washington, Rachel Sutherland, FOX News.