Washington | The Fed has stoked speculation it's willing to cut interest rates for the first time since the global financial crisis, while keeping its options open for now if there's a trade war breakthrough at this month's G20.

Citing a rise in "uncertainties" in the economic outlook, chairman Jerome Powell and his open market committee colleagues left the benchmark interest rate target unchanged at 2.25 per cent to 2.5 per cent and dropped a previous reference to being "patient" on borrowing costs.