U.S. Federal Reserve keeps benchmark interest rate steady

The U.S. central bank kept its benchmark interest rate steady in a range between 0.25 and half a per cent on Wednesday, but cut its forecast for how the U.S. economy will perform in the near term. In December, the Fed decided to hike interest rates off their emergency lows, deeming at the time the economy was almost ready to stand on its own two feet. Since then, however, the stock market and other economic indicators have fallen sharply, casting doubt on the Fed's confidence.