The Federal Reserve ended Wednesday’s FOMC meeting with interest rates unchanged but with hints that a March hike may be imminent. After weeks of sharp swings in the markets, the decision left investors anxious and uncertain what to do.

Continued fears about a Chinese economic slowdown and a plunge in oil prices have left stocks floundering around the world since the start of the new year. The Dow industrials have dropped 8.5% so far in 2016. The Stoxx Europe 600 has lost 7%, and the Shanghai Composite Index has slid 23%.

The Fed said in its policy statement that it is keeping a strict watch on developments in global economies and markets but shied away from offering any additional moves for pushing down inflation and limiting economic activity.

According to Gene Tannuzzo, senior fixed-income portfolio manager at Columbia Threadneedle Investments, “The Fed basically said that we are paying attention to markets and global developments, but we stick to our game plan’’ of interest-rate increases…… The equity market wanted more from the Fed.”

No RBNZ Hike

The RBNZ kept its official cash rate at 2.5 percent Thursday as was widely expected. Rates were cut four times last year and the RBNZ has now left the door open for further rate cuts, saying more easing might be necessary as falling oil prices and weaker global growth dampen inflation.

The Australian dollar hit a three-week high on Thursday, on the back of better-than-expected inflation data, but the US Federal Reserve’s monetary policy decision gains tempered further gains. The currency hit a high of US70.82¢ early on Thursday local time, its highest since January 7, but tumbled nearly .5¢ after the US Fed opted to keep interest rates on hold.

The Aussie dollar also lifted to a six-week high against the New Zealand dollar after the Reserve Bank of New Zealand decision to keep its OCR steady for the time being.