At today's meeting of the Federal Open Market Committee, the Fed indicated that the recent slowdown in economic growth was related to "transitory" factors. Also noted was that labor markets remained "underutilized." It continued to suggest that "with appropriate policy accommodation, economic activity will expand at a moderate pace." 

The Fed continued to indicate that inflation was running below its long-run objective, due to lower energy prices and falling non-energy import prices. It noted that "longer term inflation expectations have remained stable."

As a result of these views, the Fed elected to leave its target for the federal funds rate at 0 to 1/4 percent.

The press release for today's FOMC meeting can be found here.

The backdrop to today's meeting was a recent pickup in M2 growth to 6.1% y/y from its October low of 5.1%, and a recovery in monetary base growth to 3.9% y/y after having been negative in February. In addition, the foreign exchange value of the U.S. dollar has risen roughly 20% during the past year.

Haver's SURVEYS database contains the economic projections from the Federal Reserve Board.