Consumer spending, labor productivity and business outlays for equipment and software were seen as broadly consistent with a moderate pace of economic recovery, according to the minutes of the meeting attended by the 12 presidents of the regional Federal Reserve banks and five members of the Fed's Board of Governors.
Inflation also should remain subdued through the rest of the year, officials said.
Many participants pointed to stronger incoming data reflecting a rooting economic recovery than had been the case in January, but cautioned the financial crisis and recession made predictions difficult.
Appropriate monetary policy decisions and improving conditions of financial markets and institutions should contribute to continued economic expansion, the minutes said.
Strains in the commercial real estate sector could impair the ability of banks to lend money, restraining the growth of output and employment.