Overnight: Fed remains patient on rates

Overnight: Fed remains patient on rates. The Federal Reserve maintained its pledge to be patient on raising interest rates and boosted its assessment of the economy and labor market, even as it expects inflation to decline further. Economic activity has been expanding at a solid pace... Labor market conditions have improved further, with strong job gains and a lower unemployment rate. Policy makers said inflation is anticipated to decline further in the near term, adding that price gains are likely to rise gradually toward 2 percent over the medium term as transitory effects of low energy prices dissipate. Fed officials are confronting divergent economic forces as they weigh the timing of the first interest-rate increase since 2006. Surprisingly strong job gains argue for tightening sooner, while inflation held down by a plunge in oil prices and a cooling global economy provides grounds for delay. The Fed acknowledge global risks, saying that it will take into account readings on international developments as it decides how long to keep rates low. (VIEW LINK)