Fed Chairman Bernacke admits “Inflation has picked up.”

The Federal Reserve said growth will lag this year as the central bank finally acknowledged Wednesday what most Americans have long since realized: “Inflation has picked up.”

The Fed’s statement, a customary event at the conclusion of every policy meeting, is the status update traders, bankers, businessmen and policy makers use to gauge the health of the U.S. economy.

The Fed's recognition of rising inflation did not affect its easy-money policy, though. The main interest rate will remain anchored near zero percent. Its asset-purchase program will also continue and run through its scheduled completion in June.

It will be another "couple of meetings before action," Fed Chairman Ben Bernanke said during a news conference. There are five more meetings scheduled this year."

http://www.huffingtonpost.com/2011/04/27/inflation-federal-reserve-bernanke_n_854506.html