RTTNews - As expected, the policymaking arm of the Federal Reserve kept its key interest rate steady Wednesday, leaving it at a target range between 0 and 0.25 percent.

The statement accompanying the rate decision was almost identical to the April statement in terms of economic outlook, signaling that economic activity, while moderating, will remain weak for some time.

The most notable change was a slight shift in the price stability outlook, taking away a deflation warning.

The Fed once again pledged to keep interest rates at exceptionally low levels..for an extended period due to weak economic conditions.

As in the April statement, the Fed noted that the pace of economic contraction is slowing, evidenced by improved conditions in financial markets and general stabilization in household spending.

In addition the Fed predicted that while economic activity will remain weak for a time, the FOMC remains committed to employ all available tools to promote economic recovery and to preserve price stability.

Inflation will remain subdued for some time, the statement read.

The vote was unanimous.

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