On the grounds that the US job market is robust and economic activities have been growing at a mild rate, the US Federal Reserve decided to keep interest rates unchanged at its first policy meeting of the year.

But as it pointed out, consumption may be easing, while at the same time, corporate fixed asset investment and exports remain weak. Considering that consumption is the main engine of this round of the US economic cycle, if there is a cooling down and investment and exports are sluggish, then the US economy may slow down.

Although the Federal Reserve had not decided to lower interest rates, which it did three times last year to boost growth, it still keeps buying $60 billion worth of treasury bonds each month to ensure sufficient short-term liquidity in the financing market.

Although Jerome Powell, chair of the Federal Reserve pointed out it is too early to evaluate the outbreak of novel coronavirus' influence on global or US economy, it will only be a matter of time for the pandemic to take its toll on the world and US economy, since China is central to the global supply chain in many industries, and it is also a major contributor to world growth.

Which will necessarily prompt the Federal Reserve to adjust its policies.

Like it or not, in a year of presidential election, US monetary policy will mainly be used to maintain stability.