The take on the FOMC from the WSJ's Jon Hilsenrath:
Federal Reserve officials attributed the economy's sharp first-quarter slowdown to transitory factors, in effect signaling an increase in short-term interest rates remains on the table for the months ahead although the timing has become more uncertain.
The Fed now needs time to make sure its expectation of a rebound proves correct after a spate of soft economic data. That means the chances of a rate increase by midyear have greatly diminished, a point underscored by the Fed's statement released Wednesday at the conclusion of a two-day policy meeting.
