Since then the Fed has hiked rates twice-once at its December meeting in 2015 and again at its December meeting in 2016.
Investors are making two different bets on the markets and on the Federal Reserve.
The news had been expected by most forecasters and left most USA markets trading at the time unchanged or with small gains that did not really matter.
Following the conclusion of its meeting, the Fed said it needs more time to consider the situation, despite inflation climbing towards its 2% target and strengthening of the job market.
The central bank also refused to commit to additional rate hikes in the near future.
United Kingdom manufacturing sector off to a good start in 2017
France, meanwhile, posted its strongest manufacturing performance in almost six years after the PMI rose ten basis points to 53.6. Factory purchasing managers also reported mounting costs and prices.
The FOMC statement repeated that central bankers will be watching inflation and unemployment, assessing "indicators of inflation pressures and inflation expectations, and readings on financial and global developments".
Commenting on the FOMC's policy statement, Ian Shepherdson, chief economist at Pantheon Macroeconomics told clients: "Curiously, the FOMC has dropped the December reference to market-based measures of inflation expectations having "moved up", even though TIPS break-evens have risen further and are now above 2%".
The old language: "Inflation has increased since earlier this year but is still below the Committee's 2 percent longer-run objective, partly reflecting earlier declines in energy prices and in prices of non-energy imports".
Gold capped the biggest monthly gain since June on Tuesday as concerns over the economic impact of President Donald Trump's policies spurred speculation that the Fed would be more cautious in tightening monetary policy.
Ms Yellen gets a chance to send a signal to markets about the possibility of raising rates when she testifies to Congress on February 15. The unemployment rate is now 4.7 percent, at or near the level many policymakers consider to be full employment. Economists say lower rates tend to stimulate economic growth, which can drive up inflation, while higher rates help to lower inflation while boosting yields for bonds and savings accounts.