The rate of resource utilization is high, as can be seen most clearly in the tightness of the labor market.

NPR: Bernanke: U.S. Growth 'Moderate' as Inflation Rises

The FOMC also says it continues to anticipate economic conditions, including low rates of resource utilization, subdued inflation trends and stable inflation expectations, are likely to warrant exceptionally low levels of the federal funds rate for an extended period.

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