The Federal Reserve remains on track to raise American interest rates as early as next month as it highlighted the strength of expansion in the world's largest economy.
"Job gains have been strong, on an average, in recent months, and the unemployment rate has stayed low".
The statement also noted household spending had "grown strongly", while it last described things as having "picked up". The comments came in a statement that followed its two-day policy meeting.More news: Wildfires scorch homes, land - and California's firefighting budget
The Fed's decision left its benchmark overnight lending rate in a range of 1.75 percent to 2.00 percent.
And, he said, "Given the Fed's evaluation of current and future growth, rate hikes are likely in September, December and possibly as many as four more next year, unless the economy decelerates sharply". Analysts had all but ruled out a move at this week's meeting.
From "Solid" to "Strong" The Fed committee upgraded its view on the United States economy in August statement, as it said that the "economic activity has been rising at a strong rate".More news: Jose Mourinho tips Maurizio Sarri to impress at Chelsea
Fed Chairman Jerome Powell is trying to nurture the second longest U.S. expansion on record by slowly reducing the amount of support that monetary policy provides to growth.
The Federal Reserve kept short-term interest rates unchanged Wednesday, adding that USA economic growth has been strong. The unemployment rate, now at 4.0 percent, is lower than the level seen sustainable by Fed policymakers.
But policymakers expect economic growth to slow next year as the fiscal stimulus fades, and they are keenly watching for signs of an acceleration in inflation that could push them to ramp up the pace of rate hikes to prevent the economy from overheating. Officials see economic risks as roughly balanced.More news: Demi Lovato Still in Hospital Recovering from Overdose "Complications"
Wednesday's decision was unanimous 8-0. Voting members shifted chairs at this meeting, with John Williams voting for the first time as New York Fed president and FOMC vice chairman, with Kansas City Fed chief Esther George taking his place as an alternate for San Francisco while it seeks a new president, Bloomberg reported.