Fed Hints Hikes Are Done

Readings on core inflation "have been somewhat elevated," it said. "Although inflation pressures seem likely to moderate over time, the high level of resource utilization has the potential to sustain those pressures."

That being the case, the Federal Open Market Committee's "predominant policy concern remains the risk that inflation will fail to moderate as expected."

The statement said any future adjustments will depend on the outlook for both inflation and economic growth, as implied by the incoming information.

As the Fed statement noted, data on the economy have been inconsistent, leading to repeated promises from bankers that they will use all available numbers before making any moves.