“The committee expects that further gradual increases in the target range for the federal funds rate will be consistent with sustained expansion of economic activity, strong labor market conditions, and inflation near the committee’s symmetric 2 percent objective over the medium term,” according to its statement following a meeting in Washington.

The Fed said the economy is growing at “solid” pace and risks remain “roughly balanced.” The language modification indicated that Fed officials are becoming increasingly confident in the state of the U.S. economic strength. Additionally, risks to the economic outlook were considered “roughly balanced,” which mirrors how it painted economic risks in previous statements. The language also shows the Fed holds a good view of the U.S. economy and indicates officials anticipate stronger growth in line with the risk of seeing potentially weaker growth.

“Economic activity has been rising at a solid rate,” the FOMC said in its statement. “Recent data suggest that growth of household spending has picked up, while business fixed investment has continued to grow strongly.”

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