This is a very upbeat statement from the Fed.
A lot of people will likely miss this, however, because of the note in the beginning about growth pausing. But that is backward looking. When it comes to the future, the Fed is full of confidence.
The key change in the statement is the forecast for growth. In December, the Fed said:
The Committee remains concerned that, without sufficient policy accommodation, economic growth might not be strong enough to generate sustained improvement in labor market conditions.
On Wednesday, the Fed changed this to:
The Committee expects that, with appropriate policy accommodation, economic growth will proceed at a moderate pace and the unemployment rate will gradually decline toward levels the Committee judges consistent with its dual mandate.
In other words, it's gone from being "concerned" that growth would be too low to expecting that growth will proceed at a moderate pace. (Read More: Fed Keeps Stimulus Amid Signs of Weak Economy)