Fed sticking with QE2 despite GOP criticism

"The Committee will regularly review the pace of its securities purchases and the overall size of the asset-purchase program in light of incoming information and will adjust the program as needed to best foster maximum employment and price stability," the committee said in a statement.

In addition, the Fed is keeping its target range for the federal funds rate near zero percent, and reiterated its stance that economic conditions will likely warrant those "exceptionally low levels" be maintained for "an extended period."

The committee's comments echoed those recently offered by Fed Chairman Ben Bernanke.

Specifically, the committee sees the economy continuing to recover, but at too slow of a rate to significantly bring down unemployment. Spending in both businesses and households are growing, but employers are still reluctant to bring on new employees, the committee said.