The Fed maintained that interest rates will continue to stay low through late 2013. The Pending Home Sales Index was down 3.5 points in December. And the Federal Housing Finance Agency noted that foreclosures still hold back home valuations.

In making its decision, the Federal Open Market Committee said the U.S. "economy has been expanding moderately, notwithstanding some slowing in global growth." It said that household spending had kept creeping up, "but growth in business fixed investment has slowed, and the housing sector remains depressed."

For its big-picture projection, the FOMC said, "The Committee decided today to keep the target range for the federal funds rate at 0 to 0.25 percent and currently anticipates that economic conditions – including low rates of resource utilization and a subdued outlook for inflation over the medium run – are likely to warrant exceptionally low levels for the federal funds rate at least through late 2014."