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The US Federal Reserve has voted to keep interest rates on hold between 0.25% and 0.5%, despite reports that some members wanted to reverse plans to gradually increase rates over time.

The Fed raised interest rates in December, and said it plans to raise them four times during 2016. But that has now been reduced to two following its latest meeting.

In February, minutes from the Fed's meeting showed that some members were concerned how global risks would hurt the US economy.

Following the latest meeting, Federal Reserve chair Janet Yellen said: "Proceeding cautiously will allow us to verify that the labour market is continue to strength given the economic risk from abroad."

The Fed's Open Market Committee, the equivalent to the Bank of England Monetary Policy Committee, said: "Household spending has been increasing at a moderate rate, and the housing sector has improved further; however, business fixed investment and net exports have been soft."

Economic analysts are now expecting the next increase in rates to take place in June. The Fed also said its inflation target of 2% could be achieved in the medium-term.