"June’s big inflation number will ramp up scrutiny of price-related data as policymakers assess whether the economy is at greater risk of overheating."
It is still "appropriate to maintain" near-zero interest rates even though inflation "has increased notably this spring."
The Fed's three stress tests over the past year "have confirmed that the banking system is strongly positioned to support the ongoing recovery."
"Temporary is going to be a little longer than we expected initially ... Rather than it being two to three months it may be six to nine months."
The Federal Reserve’s first foray into corporate debt "proved vital in restoring market functioning" during the COVID-19 pandemic.
The largest gain in the CPI in nearly 12 years reflects in part the comparison to extremely weak inflation a year ago amid pandemic lockdowns.
The growing optimism "is evident in the robust expectations firms have for revenue and employment growth in 2021," according to The CFO Survey.
The Fed's decision means banks can no longer exclude Treasury bonds and deposits held at the central bank from their supplementary leverage ratio.
The central bank expects to maintain ultralow rates until “inflation has risen to 2 percent and is on track to moderately exceed 2 percent for some time.”
Economists expect the rise in prices to continue into the summer, pushing inflation past the Federal Reserve’s 2% target.
Fedwire and FedACH were among the key systems affected by the outage, which the Fed blamed on an "operational error."
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