UPDATED 2.14pm: The Government's getting the blame for the Reserve Bank's decision not to cut the Official Cash Rate.

Green MP Julie Anne Genter says if it wasn't for the Auckland housing crisis, she'd expect the Reserve Bank to cut the OCR to help businesses.

She says the Bank is clearly worried the Auckland housing market is still a financial stability risk and believes the Government's housing policy measures aren't enough to stop interest rates being kept on hold.

 Auckland housing and China’s economy are being identified as risks, as the Reserve Bank leaves the OCR at 2.5 percent today.

It was widely expected given the rocky start to the year with near zero inflation and volatility in the financial markets.

Newstalk ZB Chief Political Reporter Felix Marwick says the Reserve Bank has also signalled the possibility of cuts over the coming year.

Governor of the Reserve Bank Graeme Wheeler says headline CPI inflation remains low mainly due to the falling fuel prices, but core annual inflation is consistent with the target range of 1.6 percent.

He says house price inflation in Auckland remains a financial stability risk and while there are signs the rate of increase may be moderating, it's too early to tell.

Mr Wheeler says there are many risks around the outlook, including prospects for global growth, particularly around China, global financial market conditions, dairy prices, net immigration, and housing market pressures.

Meanwhile, the US Federal Reserve has left interest rates unchanged as well.

It remains upbeat on the US economy and says its closely watching global developments.