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