Fed keeps patient approach to hiking rates despite global turmoil

The Federal Reserve on Wednesday repeated that it will remain "patient" in deciding when to raise interest rates, and said the U.S. economy is on track despite turmoil in other markets around the world. "The committee judges that it can be patient in beginning to normalize the stance of monetary policy," the Fed's policy statement said. The Fed acknowledged that inflation had declined further below its longer-run objective and that market-based inflation measures had fallen substantially - a more negative assessment of inflation pressures than in December. Some Fed officials and economists have indicated a rate hike, which would be the first in nearly a decade, is more likely to occur between June and September.

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