By Howard Schneider and Jason Lange WASHINGTON (Reuters) - The Federal Reserve on Wednesday expressed confidence the U.S. economic recovery was on track and hinted at a slightly more aggressive pace of interest rate increases starting next year. At the same time, however, officials at the central bank lowered their projections for the long-run target interest rate, evidence of slightly diminished expectations for a nation climbing out of a severe crisis and struggling with demographic headwinds like declining labor force participation. As widely expected, the Fed pushed ahead with plans to wind down one of its main stimulus programs, reducing its monthly asset purchases from $45 billion to $35 billion beginning in July. At an afternoon news conference, Fed Chair Janet Yellen provided a long list of reasons for short-run confidence - from resilient household spending to an improving jobs market.
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