The committee has confirmed that the economic recovery is continuing, but not enough to improve the labor market. They like the improvement in household spending, but they dislike the fact that household spending is being "constrained by high unemployment, modest income growth, lower housing wealth, and tight credit". They do expect longer-term inflation to remain stable, for what that's worth.
But let's cut to the chase, shall we? Because of all of this, the federal funds rate will be maintained at a target range of 0% to 1/4%. In addition, they plan to purchase $600 billion worth of longer-term Treasury securities by the end of Q2 2011.
Oh. It also appears that Thomas Hoenig once again dissented. No shock there.