"Inflation on a 12-month basis is expected to run near the committee's symmetric 2 per cent objective over the medium term", the policy-setting Federal Open Market Committee said in a statement on Wednesday in Washington.
That combination of commentary should quash any suspicion that Fed officials might react to the recent bump in inflation by speeding up their gradual pace of interest-rate increases.
"Overall, we do not expect the upcoming meeting to change market pricing or perceptions of what the Fed is likely to deliver", BNP Paribas Chief Market Economist Paul Mortimer-Lee said in a statement before the meeting.
Despite the strengthened confidence over inflation, the Fed failed to indicate whether it would step up interest rate hike pace or not in the future.
And yesterday it was revealed that wages and prices are now growing at 2% a year, according to the Fed's preferred inflation measure.
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The subscription price for Amazon Prime, for example, is jumping 20 per cent to $119 a year starting on May 11, and gas, rent and food prices are inching up.
The Fed kept interest rates at the 1.5 to 1.75 percent target range it set in March - the first rate hike under Chairman Jerome Powell, who took control of the bank in February. In the near term, we believe the positive push on account of the rise inflation and interest rate expectations could help the dollar to some degree.
A decline in consumer spending in the first quarter could derail economic growth in the consumer-oriented economy, she said.
The Fed's rate-setting committee also downplayed a recent slowdown in economic and job growth, saying activity had been expanding at a moderate rate and job gains, on average, had been strong in recent months.
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The union said it was "angry and concerned" at the rate at which health and safety incidents were happening at Sibanye-Stillwater. Sibanye-Stillwater spokesperson James Wellsted confirmed the deaths, which were linked to seismic event at the mine on Thursday.
This news did little to support the "Greenback", however, with investors instead favouring the New Zealand dollar (NZD) and the Australian dollar (AUD) in the meantime. The statement suggests that the Fed is confident that inflation remains on track to meet its target, he added.
Looking ahead, investors are now preparing for the U.S. jobless claims readings, trade balance, ISM non-manufacturing/services composite and durable goods orders results.
It now forecasts another two rate rises this year, although an increasing number of policymakers see three as possible. That would be the lowest rate since 2000.
President Donald Trump has proposed imposing tariffs on $50 billion in Chinese exports and threatened to slap them on another $100 billion in Chinese goods. Mr. Trump has threatened to impose tariffs and other penalties against major trading partners, with a particular focus on China, in order to narrow trade deficits. On Wednesday, the Fed changed this language to note that business investment "has continued to grow strongly".
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