The Federal Reserve, meeting on the heels of the still-undecided presidential election, said the coronavirus pandemic still poses a considerable threat and reiterated its pledge to hold interest rates near zero and act as needed to aid the U.S. economy's recovery.

The U.S. central bank, as widely expected, held the benchmark federal funds rate at a range between 0 percent and 0.25 percent, where it has been since mid-March. Previous guidance from the Fed's September meeting shows that policymakers expect interest rates to remain near zero through 2023.

“Economic activity and employment have continued to recover but remain well below their levels at the beginning of the year,” policymakers said in a statement following their two-day meeting.

The Fed reiterated previous guidance that rates will remain near-zero "until labor market conditions have reached levels consistent with the Committee's assessments of maximum employment and inflation has risen to 2 percent and is on track to moderately exceed 2 percent for some time."

Join BJL on WhatsApp Status: Click here to Join BJL status for engagements, births, deals, levayos, events & more

Join BJL on WhatsApp Groups: Click here to Join an official BJL WhatsApp group for breaking news as it happens

Policymakers also pledged to maintain the central bank's purchases of Treasury and mortgage bonds each month. Over the past four months, the Fed has injected nearly $2.8 trillion into the economy, an unprecedented amount, and its balance sheet has surged to nearly $7 trillion.

"The bottom-line is that the ultra-accommodative stance of monetary policy should prime the U.S. economy for a more robust recovery upon the return to a more 'normal' economic environment (perhaps by mid-2021)," said Jason Pride, CIO of private wealth at Glenmeade.

The Fed's decision to leave interest rates unchanged comes amid concerns the economy's recovery from the pandemic-induced recession is beginning to plateau amid a lack of fiscal stimulus and a resurgence in COVID-19 cases. Read more at FOX Business