The FOMC’s two-day meeting followed the release of data Monday that showed inflation measured by the central bank’s preferred gauge had hit its 2 percent target after being below that goal for almost every month since April 2012.
Policy makers aim to keep inflation near target while ensuring maximum sustainable employment and preserving a U.S economic expansion that is now the second longest on record.
Year-on-year growth in the personal consumption expenditures price index reached 2 percent in March, up from 1.7 percent in February. The jump was driven more by year-ago price drops in telecoms and pharmaceuticals than by recent price gains.
This article was provided by Bloomberg News.