Inflation has eased significantly from mid-2022 highs but remains elevated relative to 2% longer-run goal.

Near-term inflation expectations have risen in recent weeks, likely reflecting substantial rise in oil prices from Middle East supply disruptions.

Median projection for total PCE inflation is 2.7% this year and 2.2% next year, slightly higher than December projections.

Committee decided to maintain federal funds rate target range at 3.5-3.75%.