“The Fed is telling markets that it won’t overreact to a run of higher numbers” in inflation readings, Ian Shepherdson, chief economist at Pantheon Macroeconomics, wrote in a research note after the meeting, “just as it didn’t overreact to the run of five straight downside surprises last year.”

Several Fed officials have raised concerns in recent weeks about the economy’s “overheating” and publicly pondered whether the Fed may need to pour on some cold water with higher interest rates. The concern is that if the Fed does not raise interest rates quickly enough, wages and prices could begin to spiral up, forcing a sharp rate increase that could push the economy into recession.

If such a situation arises, “it’s very hard to navigate that without having an economic downturn,” Eric Rosengren, the president of the Federal Reserve Bank of Boston, said in an interview last month. “My concern is that’s much worse than just having slightly slower growth” from a slightly faster pace of rate increases.

No sign of concerns over economic growth

The chairman of the Fed, Jerome H. Powell, and other officials are broadly optimistic about the strength of the economy but have noted some risks on the horizon for growth — most notably a potential drag from a trade dispute with other nations, like China. Some economists have also raised early concerns about slowing growth in Europe, which could affect the United States, and about other market metrics that could portend a slowdown, such as the rise in Treasury bond yields.

There were few hints of those concerns in this meeting’s statement.

The statement declared that “business fixed investment continued to grow strongly” since the last Fed meeting, which was more bullish language than the March statement. It noted, as it did in March, that household spending growth had moderated since the end of last year. It eliminated a line from the March statement that declared “the economic outlook has strengthened in recent months,” but did not add any new language about risks to growth.

Officials said that “risks to the economic outlook appear roughly balanced,” a slight change from March, when they declared that “near-term risks” appeared roughly balanced.

Analysts read that as an endorsement of the economy’s staying power. “By not referring to the slower G.D.P. growth in the first quarter or potential risks from trade policy, the committee is emphasizing that there are more signs of strength than weakness in the economy,” Ben Ayers, senior economist at the insurance firm Nationwide, wrote after the meeting.