(REUTERS) — The U.S. Federal Reserve on Wednesday repeated its promise to leave interest rates on hold until at least late 2014 but offered few clues into whether it might offer additional stimulus later this year.

The Fed described the economy as expanding moderately, just as it did in March, and said the unemployment rate had declined but remains elevated.

Officials noted a pick up in inflation but said it was largely attributable to energy cost hikes that will affect price growth only temporarily.

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