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.

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