As Innovative Securities predicted, the Fed did not hike the interest rates. The main reason for the delay was the low inflation. In our market analysis a week ago we also pointed out the importance of inflation in the decision making. There were some other reasons we believed would the delay of the hike.

The Fed meets Sept. 16-17 and many are expecting the first interest rate hike in nine years. But there are some reasons the FOMC is likely to delay the hike. Here's why.

Recently, investors have been worrying about market turmoil and falling stock prices that's why foreign portfolio investment turned negative. In addition, a surge of capital outflows has risen on Black Monday the same amount as recorded for the autumn of 2008, during the week of the Lehman Brothers bankruptcy.

Oil prices have been falling to record lows for the last few months. This is even more striking, since in the last 6 years we got used to high prices for crude, sometimes over $100. Lately, prices are nearly reaching $40 per barrel, usually staying at around $45-50. Although many analysts believe that prices will not stay this low, there are already both winners and losers.

The financial crisis of 2008 might repeat itself, only now, the burst of the bond bubble will be the beginning of a breakdown. This is what Alan Greenspan, the legendary former Fed Chairman stated in an interview.