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The Federal Reserve looked past the recently reported economic contraction in the first three months of the year, describing economic growth as solid when officials agreed to hold interest rates steady on Wednesday.

“Although swings in net exports have affected the data, recent indicators suggest that economic activity has continued to expand at a sold pace,” officials said in a statement released at the end of the two-day meeting of the Federal Open Market Committee, the Fed’s monetary policy body. that

The economy contracted slightly in the first quarter of the year, the Commerce Department said last week, shrinking at an annual pace of 0.3 percent. But that was largely due to a surge in imports, which are subtractions in the calculation of GDP. Measures of underlying growth, including final sales to U.S. consumers and business investment, suggested the economy continued to grow in the January through March period.

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