The Fed said job gains remained solid, inflation increased and economic confidence rose, stating that “measures of consumer and business sentiment have improved of late” in a meeting in which it left benchmark interest rates in a range of 0.50% to 0.75%, Reuters reports.

The central bank also revealed unemployment is currently at 4.7%, or near a level many policymakers consider to be full employment, and said it expects inflation to rise to its 2% target in the medium term. The Commerce Department showed an uptick in inflation to 1.7% on Monday.

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