This is no big news. First, we are not in danger of runaway inflation. This is just an excuse not to raise interest rates. Truth is, the Fed is scared to death to raise interest rates in this environment. Second, they are even more scared of trying to fight deflation which we are currently still facing. To fix a problem you have to admit to it. They could start by calling it something beyond low inflation. The Fed is becoming more and more irrelevant each day.
@JosephC - it is the rock and the hard place for sure. They blew their chance about 3 years ago. The economy was on stronger footing. They could have easily raised rates. A negative interest rate environment is probably nothing we would see during Trumps term - if he gets elected again, don't be surprised.
I agree that they do not want to raise rates since they have shown no willingness to pull away the punch bowl when they should have, however, I think the thought of the next recession keeps them up at night and the possibility of negative interest rates if they have no where to go!