The Federal Reserve check in and chickened out by keeping the discount rate the same. They cited slowing of the housing market and moderate growth however they also pointed to an elevated rate of core inflation.

Checking the need a rate increase to defend the dollar and curb the stealth inflation is an argument many are making. Without the raise in interest rates speculators taut a 20 to 50% profit from engaging in currency trades until the next Fed reckoning.