5 takeaways from Federal Reserve's January meeting

The U.S. economy will expand at a moderate pace and the job market will remain strong, the Federal Reserve said in its statement following a two-day meeting. Inflation will quicken this year and stabilize at the Federal Open Market Committee’s 2% goal over the medium term.

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Here are 5 key takeaways from the Fed meetin:

? Policy makers held the target range for the federal funds rate at 1.25% to 1.5%.

? The Dollar Index, a gauge of the greenback against major currencies including the euro and yen, was little changed, trading near its lowest level since 2014. The U.S. two-year Treasury note yield climbed 0.04 percentage point to 2.16%, the highest level since the 2008-09 financial crisis. The S&P 500 dropped 5.32 points to 2,817.11, erasing its gain.

? The stance of monetary policy remained accommodative, supporting strong labor market conditions and a sustained return to 2% inflation, the Fed said.

? The Fed dropped language on inflation expected to remain below the 2% target in the near term, Reuters reported.

?  The FOMC unanimously selected Fed Governor Jerome Powell as chairman effective Feb. 3. He is scheduled to be sworn in Feb. 5. The meeting was the last for outgoing chair Janet Yellen.