The Fed is on track to raise interest rates this year, and while it left the door open for a second hike in 2015 it is clearly still worried about the health of the economy.
The central bank concluded its two-day meeting with a statement and forecasts that showed it believed the first-quarter dip was transitory and that its members see the economy will become strong enough to sustain one, if not two, interest rate increases this year.
"They moved the ball down the field to what we think will be a September hike. [Fed Chair Janet Yellen] was kind of cautious about it," said John Briggs, head of strategy at RBS. "Some of the outlook for 2015 was revised down more than we thought, but 2016 and 2017 were revised up."