The U.S. economy will continue slowly developing and later will gain momentum, the central bank's policy making arm said Wednesday after two days of meetings adjourned, according to Bloomberg.
There will be no immediate change to interest rates, which should remain low through much of 2014, and there are no plans to implement a third round of asset purchases, also known as quantitative easing, the Federal Open Market Committee of the U.S. Federal Reserve said in a statement Wednesday afternoon.
"If growth is picking up gradually, that may be the final nail in the coffin for QE3 because most members would only contemplate additional quantitative easing if the economy slowed," chief financial economist Chris Rupkey with Bank of Tokyo-Mitsubishi UFJ in New York told Bloomberg.
The FOMC said the nation's jobless rate is not dropping quickly enough and the housing sector is not as vibrant as it would prefer to see.
But, after having forecast the globe's largest economy to expand as much as 2.9 percent this year in January, the FOMC indicated the expansion will run as high as 2.9 percent, according to The Associated Press.
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