FOMC held the funds rate steady at 1.50% to on..>

FED: FOMC held the funds rate steady at 1.50% to 1.75% on 8-0 vote, but 

altered the inflation language to reflect that inflation has moved up. 

The FOMC did not specifically mention Monday's PCE report, but they did 

say now that inflation, both overall and core, has moved "close to 2%."

- The FOMC also said that inflation is expected to run near the 2% 

objective over the medium term rather than saying it is expected to move 

up to that point.

- The risks to the outlook continue to be roughly balanced, but the 

portion mentioning that they are monitoring inflation developments 

closely has been removed.

- Changed to other portions of the statement were minor, with jobs gains 

being strong "on average," reflecting the see-saw moves in February and 

March payrolls. Also, business fixed investment grew strongly, rather 

than moderated along with household spending.