On Wednesday, the U.S. Federal Reserve completed their two day meeting and released their latest statement (changes in bold italics). The statement upgraded economic activity to solid from moderate and labor conditions were described as strong from solid. Household spending is still rising moderately, however they added that recent declines in energy prices have boosted household purchasing power. Also new to the statement was that inflation has declined further, largely reflecting declines in energy prices. Market bases measures of inflation compensation have declined substantially in recent months. International developments was added to the wide range of economic information the Fed uses in assessing its policy. Removed from the statement was language of maintaining the 0 to ¼ percent target range for the federal funds rate for a considerable time.