The U.S. Federal Reserve has left its key interest rate at the near-zero level.

In a statement issued after a meeting in Washington on Tuesday, local time, the Fed announced that it will keep the benchmark interest rate at the zero to one-quarter of one percent through late 2014.

The central bank added that it based its decision on economic developments since the committee’s previous meeting in January.

The Fed also said that despite a notable decline in unemployment rate over recent months, the unemployment still remains elevated by U.S. historical standards.