Global fears are creeping up on the Federal Reserve.

The Fed on Wednesday said it is not going to raise its key interest rate as expected. The Fed also cut its forecast for U.S. economic growth and inflation, and significantly lowered its estimate for the number of rate hikes in 2016.

The Fed’s committee, led by Chair Janet Yellen, had estimated in December that the economy would grow 2.4% this year and it would raise rates four times. Then stock markets became volatile, oil prices fell and fears of a U.S. recession magnified in January and early February.

Now the Fed is dialing back. Yellen and other Fed leaders are only calling for about two rate hikes this year. The Fed also dimmed its economic growth outlook for the year to 2.2%, compared with 2.4% previously.

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