Officials at the U.S. central bank voted to leave monetary policy unchanged at the latest meeting, including leaving the bond-purchase program in tact despite signs that the economic recovery is gaining steam, according to Bloomberg. On Tuesday, the Federal Reserve’s Federal Open Market Committee announced that it would keep its benchmark interest rate unchanged at a record low near zero and maintain a pledge to keep it “exceptionally low” for an “extended period.” Policymakers also signaled that changes to the duration or size of the $600 billion bond-purchase plan that is set to expire in June are unlikely.

The Fed’s statement said that the U.S. economy is on a “firmer footing, and overall conditions in the labor market appear to be improving gradually.” Officials also noted continued stable and modest inflation, with the preferred price gauge for the Fed only added 0.8% annually in January. Meanwhile, the Labor Department reported that the U.S. producer price index added 1.6% in February from the month before, outpacing forecasts on surging food and energy prices. Year-over-year, prices were up 5.6%, although core price inflation remained muted, adding 0.2% on the month and 1.8% in the 12 months ending February.

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