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The Federal Reserve said Wednesday the U.S. economy has made progress toward its goals of full employment and price stability, opening the door to an eventual reduction in the pace of bond buys.

"The economy has made progress toward these goals, and the Committee will continue to assess progress in coming meetings," the Federal Open Market Committee said in a statement after a two-day meeting.

"With progress on vaccinations and strong policy support, indicators of economic activity and employment have continued to strengthen," policy makers wrote in a unanimous decision.

The Fed also launched a new standing repo facility aimed at stemming potential liquidity problems in short-term money markets.

Fed Chair Jerome Powell would likely face questions about a recent spike in inflation as well as risks from the Delta variant during his post-meeting press conference.

Yields on the 10-year Treasury note recently slipped below 1.2%, a sign that market participants recent concerns about inflation have started to ebb, buying the Fed time to stay patient before tightening monetary policy.