What with all the excitement about Japan, I completely overlooked this yesterday.
First of all, the Federal Open Market Committee voted to maintain the target range for the federal funds rate at 0 to 1/4 percent. No surprise, there. They believe that "the economic recovery is on a firmer footing, and overall conditions in the labor market appear to be improving gradually", but have some concerns because "investment in nonresidential structures is still week, and the housing sector continues to be depressed." They do believe that "longer-term inflation expectations have remained stable, and measures of underlying inflation have been subdued."
They also voted to purchase an additional $600 billion worth of longer-term Treasuries by the end of Q2 2011.