After contracting in the first quarter, the economy is now on track to grow between 1.8 per cent and 2 per cent this year, according to the central bank's latest policy statement and new projectio...
The Fed's statement put in place a meeting-by-meeting approach on the timing of its first rate hike since June 2006, making such a decision solely dependent on incoming economic data.
A near majority of Fed officials publicly have endorsed the idea of removing the patience pledge, putting investors and the public on notice that a rate hike could occur at any point from June onward.
The Fed also provided a time frame for its inflation view, saying it expects inflation to rise gradually toward its goal over the "medium term."
Plummeting oil prices were pushing the US further from the Fed's inflation target, but consumers appeared poised to spend and business investment seemed steady.
US stock markets and bond yields rose as investors digested a statement that evinced faith in the economy while still projecting a slow-going approach to rate hikes.
The US Federal Reserve opted not to give a nod to financial market volatility out of worry it could send an unwarranted signal of pessimism.
The US Federal Reserve pointed to strengthening labor markets, saying that slack in labor markets was "gradually diminishing".
The statement the Fed will issue at 2 pm (1800 GMT) will be read carefully for signs of how weak inflation, ebbing global growth and recent financial market volatility have influenced US policymak...
Many economists had expected the Federal Reserve to alter the rate guidance it has provided since March, given generally improving data on the economy's performance.
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