The Federal Reserve is expected to again delay raising interest rates when it begins a two-day policy meeting today amid more signs of lethargy in the world economy. 

Central banks in China and Europe are headed in the direction of more easing and deflationary pressures all around.

Many economists and the debt markets are now betting that the first rate increase in more than nine years will not happen until next year. 

That will buy some more time for emerging market countries and their businesses to prepare better for a long-expected and challenging tightening of US monetary policy. 

But the turbulence in capital and currency markets that has accompanied the Fed's slow shift toward the increase will then likely continue. 

After the last Fed meeting in mid-September, Chair Janet Yellen said that the policymakers of the Federal Open Market Committee were looking for a bit more confirmation of US economic strength amid the global slowdown. 

She also forecast a federal funds rate rise from the current floor of 0-0.25% before the end of the year. 

But since then, US exports and inflation have looked weaker, more doubts have arisen over China's ability to beat back a sharp downturn and the powerful US job creation machine of the past two years has ratcheted back into first gear. 

Underscoring the impact of this shift, in an uncommon public split, two members of the five-person Fed board of governors publicly declared themselves in favour of waiting since Yellen last spoke in September. 

Analysts said that the chances of a rate hike announcement at October's FOMC meeting are slim to none. They said the meeting takes place as third quarter growth appears likely to be much lower than the strong 3.9% pace of the second quarter.