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Federal Reserve looks to have it both ways in latest statement

The Federal Reserve kept its policy rate unchanged on Wednesday but sharply ramped up its expectations for economic growth — while affirming that it does not plan to raise interest rates until 2023. The central bank also curiously reworded the public statement accompanying its decision.

Why it matters: U.S. inflation expectations have shot up in recent months while unemployment remains historically high, making guidance on the Fed's next steps particularly important.

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