(POLITICO) The Federal Reserve on Wednesday announced it is not taking any new steps at this time to stimulate the economy but that officials remain concerned about the slow pace of growth.

β€œThe Committee expects economic growth to remain moderate over coming quarters and then to pick up very gradually,” the Fed said in a release following a meeting of its Federal Open Market Committee.

The Fed said it will continue its policy of keeping interest rates low in hope of spurring on the economy and lowering the unemployment rate.

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