By Michael Flaherty and Howard Schneider WASHINGTON,(Reuters) - The Federal Reserve on Wednesday repeated that it will remain "patient" in deciding when to raise interest rates, and said the U.S. economy is on track despite turmoil in other markets around the world. "The committee judges that it can be patient in beginning to normalize the stance of monetary policy," the Fed's policy statement said. The Fed acknowledged that inflation had declined further below its longer-run objective and that market-based inflation measures had fallen substantially - a more negative assessment of inflation pressures than in December. Some Fed officials and economists have indicated a rate hike, which would be the first in nearly a decade, is more likely to occur between June and September.
The 18-time Grand Slam champion was at her brutal best on Wednesday, crushing last year's finalist Dominika Cibulkova in straight sets to set up an all-American last four showdown on Thursday with unseeded teenager Madison Keys. The other semi-final clash on Thursday is an all-Russian affair between second seed Sharapova, who owns five Grand Slam titles, and Ekaterina Makarova, seeded 10th.