Policy makers expressed optimism after the U.S. labor market posted strong gains in March.
A rising appetite for risk in a variety of assets is stretching valuations, the Fed said in its financial stability report.
Chair Jerome Powell and vice chairs Richard Clarida and Randal Quarles could all potentially be replaced in the coming year.
Jerome Powell's term as chair expires in February.
The longer-run trends that have suppressed costs globally could re-emerge as the pandemic ends.
Fed officials have repeatedly stressed that the U.S. economy continues to need aggressive monetary policy support.
Millions of Americans already perform transactions with systems rather than through physical cash.
Fed Chairman Jerome Powell pointed to those left behind as evidence that the economic recovery is still not complete.
Fed leaders have been increasingly vocal about economic inequality in the U.S.
Excluding food and energy, inflation is forecast to hit 2.2% this year and fall to 2% in 2022.
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