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Fed's China caution: Pretext or real concern?

The Federal Reserve's decision to delay raising interest rates rattled Wall Street, driving both the S&P 500 and the Dow Jones Industrial Average down more than 1.6 percentThe Federal Reserve’s decision to delay raising interest rates mainly because of uncertainties about China’s economy is bothering a number of economists and investors. “The Fed decided that all economic and financial issues in the world are its concern and given the uncertain global economic and financial conditions, the start of rate normalization would have to wait,” said economist Joel Naroff. In its statement announcing the move Thursday, the Federal Open Market Committee, the Fed’s policy arm, said that “recent global economic and financial developments may restrain economic activity somewhat” and were likely to push down already tepid US inflation.

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