WASHINGTON (AP) -- The Federal Reserve says the economy is growing moderately while cautioning that risks from Europe remain. It's holding off on taking any further steps to boost the recovery.
The Fed notes in a statement after a two-day meeting that the job market has improved slightly but that unemployment remains elevated. It says the housing market has improved somewhat but remains depressed. And it points to a pickup in inflation but says it should be only temporary.
The Fed stuck with its plan to keep a key short-term interest rate near zero through at least late 2014. It announced no new plans for further bond buying after a current program ends in June.