WASHINGTON — The Federal Open Market Committee announced Wednesday that it kept the federal funds rate target at zero to 0.25%, and extended its program to sell short-term securities and purchase long-term securities.

FOMC members said unemployment remains up, and the economy is expected to continue with moderate growth. The continuation of the maturity extension program should result in the purchase of $267 billion in maturities, the Fed said.

The Fed also maintained its language about maintaining exceptionally low rates until 2014.

The only dissenter was Federal Reserve Bank of Richmond president Jeffrey Lacker, who did not support the continuation of the maturity extension program.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.