The Federal Reserve maintained its pledge to be “patient” on raising interest rates and boosted its assessment of the economy and labor market, even as it expects inflation to decline further.
“Economic activity has been expanding at a solid pace,” the Federal Open Market Committee said today in a statement in Washington. “Labor market conditions have improved further, with strong job gains and a lower unemployment rate.”
Policy makers said inflation “is anticipated to decline further in the near term,” adding that price gains are likely to “rise gradually toward 2 percent over the medium term” as transitory effects of low energy prices dissipate.
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