The Federal Reserve boosted its assessment of the economy anddownplayed low inflation readings while repeating a pledge toremain “patient” on raising interest rates.

The Federal Open Market Committee (FOMC) described the expansionas “solid,” an improvement over the “moderate” performance it sawin December. It substituted “strong” for “solid” in its evaluationof job gains after a meeting today in Washington.

While inflation “is anticipated to decline further in the nearterm,” the FOMC said in a statement, it is likely to rise graduallytoward its 2 percent goal “over the medium term” as the impact oflow oil prices diminishes. Policy makers saw a bonus in cheapenergy, saying it's boosting consumer buying power.