The Federal Reserve’s January statement indicated that the central bank may be pulling away from its rather hawkish forecast back in December of four rate hikes in 2016. ‘This did not read like a Fed that is ready to pull the trigger any time soon,’ said Nick Colas, chief market strategist at Convergex, based in New York. The Federal Reverse left short-term interest rates unchanged, following its closely watched January statement. Though the central bank commented on the volatile seen throughout the markets in recent weeks, saying it’s ‘closely monitoring global economic and financial developments.’ Absent from the January statement was language saying the Federal Reserve was ‘reasonably confident’ that inflation would move back towards its 2 percent target. Such language was included in the Fed’s December statement. TheStreet’s Scott Gamm has details from Wall Street.