(Bloomberg) -- Federal Reserve officials held off from raising borrowing costs and scaled back forecasts for how high interest rates will rise this year, citing the potential impact from weaker global growth and market turmoil in the U.S. economy.

The Federal Open Market Committee kept the target range for the benchmark federal funds rate at 0.25% to 0.5%, the central bank said in a statement Wednesday following a two-day meeting in Washington. The median of policy makers’ updated quarterly projections saw the rate at 0.875% at the end of 2016, implying two quarter-point increases this year, down from four forecast in December.

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