WASHINGTON — The Federal Reserve will complete its Treasury securities purchasing program at the end of June and will continue to reinvest principal holdings, while the federal funds rate target was held to a range between zero and 0.25%, the Federal Open Market Committee announced Wednesday.

Though inflation “has picked up,” expectations are still stable and underlying inflation remains “subdued,” the Fed said, noting it will keep a close eye on the “evolution of inflation.” The economic recovery is continuing at a “moderate pace” and employment conditions “are improving gradually,” it said.

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