The Fed's Federal Open Market Committee said Wednesday “a highly accommodative stance of monetary policy will remain appropriate for a considerable time” after the asset purchase program ends and economic recovery strengthens.

The committee said keeping the target range for federal funds at zero to .25% would support progress toward maximum employment.

“The (FOMC) …currently anticipates that this exceptionally low range for the federal funds rate will be appropriate at least as long as the unemployment rate remains above 6.5%, inflation between one and two years ahead is projected to be no more than a half percentage point above the Committee's 2% longer-run goal, and longer-term inflation expectations continue to be well anchored,” the Fed said in its announcement.

The committee said it would also consider “additional measures of labor market conditions, indicators of inflation pressures and inflation expectations, and readings on financial developments.”

Fed Chairman Ben Bernanke, Vice Chairman William Dudley, James Bullard; Charles Evans; Jerome Powell; Eric Rosengren; Jeremy Stein; Daniel K. Tarullo; and Janet Yellen, President Obama's choice as the new Fed chair, voted in favor of the FOMC monetary policy action.

Esther George voted against the action. The committee's statement said George was “concerned that the continued high level of monetary accommodation increased the risks of future economic and financial imbalances and, over time, could cause an increase in long-term inflation expectations.”