Although the pace of economic recovery is likely to be moderate for a time the Committee anticipates a gradual return to higher levels of resource utilization in a context of price stability.

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The rate of resource utilization is high, as can be seen most clearly in the tightness of the labor market.

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Thus, the high level of resource utilization remains an important upside risk to continued progress in reducing inflation.

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The FOMC also says it continues to anticipate economic conditions, including low rates of resource utilization, subdued inflation trends and stable inflation expectations, are likely to warrant exceptionally low levels of the federal funds rate for an extended period.

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"Nonetheless, the Committee anticipates a gradual return to higher levels of resource utilization in a context of price stability, although the pace of economic recovery is likely to be more modest in the near term than had been anticipated, " the FOMC says.

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Increased efficiency results from the standardization, better resource allocation and utilization, simplified and automated provisioning processes, and overall operational efficiency improvements in the automation of all aspects of IT management.

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