The FOMC upgraded its economic outlook and predicted a short-lived spike in prices, with core inflation rising to 2.2% this year before slowing to 2% in 2022. The 2021 GDP forecast went to 6.5% from 4.2%. There was no change regarding language on asset purchases, and it's "not yet" time to discuss tapering, Powell argued. The recovery "remains uneven," he said, adding that unemployment rates for Blacks and Hispanics remain very elevated.