The Federal Reserve has decided to keep interest rates near zero even as too-high inflation concerns continue to percolate.

While the interest rates target is expected to hold steady for the time being, central bank officials projected Wednesday that they would begin raising rates by 2023. While the Fed acknowledged increasing inflation by increasing its end-of-the-year projection from 2.4% to 3.4%, it still predicts the high figure will be transitory, dropping to 2.1% in 2022 and holding steady at its 2% goal in the longer run.