As expected, the Federal Open Market Committee today left the Federal funds rate in a "range from 0 to 1/4 percent." The Fed funds rate has remained unchanged since late-2008 at its lowest level ever. The discount rate also was left unchanged at 0.75%. The Fed indicated that the economy may warrant an exceptionally low Fed funds rate at least through 2014. "To support a stronger economic recovery and to help ensure that inflation, over time, is at the rate most consistent with its dual mandate, the Committee expects to maintain a highly accommodative stance for monetary policy."

Regarding the economy, the Fed indicated that there's been moderate improvement. It stated that "labor market conditions have improved" and "household spending and business fixed investment have continued to advance." However, "the housing sector remains depressed."

The Fed indicated that "inflation has been subdued in recent months, although prices of crude oil and gasoline have increased lately. Longer-term inflation expectations have remained stable."

"The Committee also decided to continue its program to extend the average maturity of its holdings of securities as announced in September."

A complete text of the Fed's latest press release can be found here.

The Haver databases USECON, WEEKLY and DAILY contain the figures from the Federal Reserve Board.