WASHINGTON, Jan 28 (Reuters) – The Federal Reserve on Wednesday said the U.S. economy was expanding “at a solid pace” as it largely looked through weakness overseas in a signal that it remains on track to raise interest rates later this year.
The U.S. central bank repeated it would be “patient” in deciding when to raise benchmark borrowing costs from zero, where they have been stuck since late-2008.
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In December, the Fed said that approach was consistent with its previous guidance of keeping rates near zero for a “considerable time.” The statement on Wednesday removed the reference to its former guidance.
The statement was adopted without dissent. (Reporting by Michael Flaherty and Howard Schneider; Additional reporting by Luciana Lopez in New York; Editing by Paul Simao and Tim Ahmann)
