Fed Upgrades its View on Economy and Labor

The Fed remains on track to hike interest rates this year, and the minor tweaks to its post-meeting statement were just vague enough to keep the debate going on when it will raise them.

Fed Chair Janet Yellen has said the central bank could boost its fed funds target rate for the first time in nine years sometime this year. Economists, by a slim margin, have been expecting the first increase in September, but others see a December hike.

In its statement, the Fed upgraded its view of the economy and labor, but left questions about the course of inflation, which is tracking weaker than the Fed would like.