Fed FOMC statement: Middle East events add to economic uncertainty

The Federal Reserve stated in its FOMC statement that developments in the Middle East have increased uncertainty surrounding the economic outlook. The Fed upgraded its description of inflation from "slightly elevated" in its previous statement to "elevated," citing the impact of global energy prices. The statement noted that job growth has remained low on average and the unemployment rate has held steady. It added that the committee will closely assess incoming economic data, the evolving outlook, and the balance of risks when considering the extent and timing of any further adjustments to the federal funds rate.