The FOMC members voted unanimously to hold interest rates and the decision was in line with analysts' expectations.
The Federal Reserve reiterated it remained "committed to using its full range of tools to support the U.S. economy in this challenging time" and to promote "its maximum employment and price stability goals."
According to the monetary policy statement, "the path of the economy will depend significantly on the course of the virus, including progress on vaccinations" as "the ongoing public health crisis continues to weigh on economic activity, employment, and inflation, and poses considerable risks to the economic outlook."
The Committee looks to "achieve inflation moderately above 2.0 percent for some time" as it is currently "running persistently below this longer-run goal," aiming to ensure that "inflation averages 2.0 percent over time and longer-term inflation expectations remain well-anchored at 2.0 percent."
The central bank is set to "maintain an accommodative stance of monetary policy until these outcomes are achieved," the statement said.