The United States Federal Reserve said on Wednesday that it will maintain the target range for the federal funds rate at 0.25 percent to 0.5 percent, pledging to keep the monetary policy accommodative to support economic growth.

Labor market conditions improved further even as economic growth slowed late last year and household spending and business fixed investment have been increasing at moderate rates in recent months, the Fed said after its two-day monetary policy meeting.

“The committee is closely monitoring global economic and financial developments and is assessing their implications for the labor market and inflation,” the Fed’s policy-setting committee said in a statement.