WASHINGTON — The Federal Open Market Committee kept the federal funds target rate unchanged Tuesday in a range between zero and 25 basis points. The committee reiterated that economic conditions warrant “exceptionally low” interest rates “for an extended period.”

The Fed made no announcement on rates paid on excess reserves or renewed Treasury purchases. However, the committee said it “will continue to monitor the economic outlook and financial developments and is prepared to provide additional accommodation if needed to support the economic recovery.”

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