Global uncertainty delays US hike

CHAIR YELLEN: "Good afternoon. As you know from our policy statement released a short time ago, the Federal Open Market Committee reaffirmed the current 0 to 0.25 per cent target range for the federal funds rate.

Since the Committee met in July, the pace of job gains has been solid, the unemployment rate has declined, and overall labour market conditions have continued to improve.

Inflation, however, has continued to run below our longer-run objective, partly reflecting declines in energy and import prices.

While we still expect that the downw…