Oil is a much less important resource to economic stability now than it was almost 40 years ago.

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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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"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.

FORBES

This strategy has been conditioned on our expectation that the prices of oil and other commodities would ultimately stabilize, in part as the result of slowing global growth, and that this outcome, together with well-anchored inflation expectations and increased slack in resource utilization, would foster a return to price stability in the medium run.

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