Federal Reserve policy makers said the economy is recovering at a Ã¢â‚¬Å“moderate paceÃ¢â‚¬Â and a pickup in inflation is likely to be temporary, as they agreed to finish $600 billion of bond purchases on schedule in June. Ã¢â‚¬Å“The economic recovery is proceeding at a moderate pace and overall conditions in the labor market are improving gradually,Ã¢â‚¬Â the FOMC said in its statement after a two-day meeting in Washington. Ã¢â‚¬Å“Increases in the prices of energy and other commodities have pushed up inflation in recent months,Ã¢â‚¬Â and the Fed expects Ã¢â‚¬Å“these effects to be transitory,Ã¢â‚¬Â the statement said.
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