The Federal Reserve on Wednesday ended its monthly bond purchase program and dropped a characterization of US labor market slack as "significant" in a show of confidence in the economy's prospects.
In a statement after a two-day meeting, the central bank largely dismissed recent financial market volatility, dimming growth in Europe and a weak inflation outlook as unlikely to undercut progress toward its unemployment and inflation goals.
"On balance, a range of labor market indicators suggests that underutilization of labor resources is gradually diminishing," the Fed's policy panel said in an important departure from prior statements, which had described the slack as "significant."
"The committee continues to see sufficient underlying strength in the broader economy," it said.
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