The Federal Open Market Committee (FOMC) kept its key interest rate unchanged at the record low range of 0 percent to 0.25 percent, as widely expected. The FOMC also remained committed to its $600-billion Treasury purchase program.

The vote was unanimous.

The policy committee specifically stated that underlying inflation is trending downward, despite the rise commodity prices. Noting that the U.S. economy is recovering, the pace of such recovery was not sufficient to meaningfully improve conditions in the labor market.

“Growth in household spending picked up late last year, but remains constrained by high unemployment, modest income growth, lower housing wealth, and tight credit,” The FOMC statement read.

The body also said that progress towards twin objectives of maintaining maximum employment and price stability has been “disappointingly slow.