Here Is Why Global Central Banks Are Waiting for the Federal Reserve to Take Action

Global central banks are in a holding pattern, waiting for the Federal Reserve to pull the trigger and raise interest rates. On Tuesday, the Bank of Japan left interest rates unchanged and extended the time frame of when it expects to reach its 2% inflation target. "The Bank of Japan has been explicit - they're waiting for the Fed to the job for them," said Michael Ingram, a market analyst with BGC Partners in London. It's not just the Bank of Japan that has been reluctant to change policy before the Fed. The European Central Bank left rates unchanged at its policy meeting earlier in October. Ingram expects "relaxed" commentary from the Fed's November statement, released Wednesday, just one week before the U.S. presidential election. Most market participants don't expect the Fed to announce a rate hike on Wednesday. TheStreet's Scott Gamm reports from Wall Street.