FOMC holds Federal Funds Rate target between 1.25% and 1.50%, as expected; slightly upgrades its view of inflation

– Vote was unanimous
– FOMC drops language on on expecting inflation to remain below 2% in the near-term, says inflation is expected to move up this year
– Inflation measures of compensation have increased in recent months but remain low
– Market measures of inflation expectations remain low
– Gains in labour market, household spending, and business investment have been solid
– Risks to the economy roughly balanced