Leaving its target interest rate at zero, the Federal Reserve System will continue winding down its unconventional programs.

The system says that the weak economy and subdued inflation are likely to warrant exceptionally low levels for interest rates, for an extended period. It is also looking forward to put an end to a $1.25 trillion program, to support the mortgage market, by the end of March, and taper off other special lending programs, by February 1st.

About the interest rates, Victor Li, an economist at the Villanova School of Business, said, "I doubt the Fed will raise rates as long as the unemployment rate is anywhere near 10 percent".

The year's first monetary policy meeting came at a sensitive time for the Federal Reserve, as, the Chairman, Ben S. Bernanke, awaits a Senate confirmation vote, for a second term. Senate leaders intend to hold a procedural vote on Thursday, in which Bernanke will need 60 ayes. It will be followed by a confirmation vote, in which he will need 51 ayes, to get remain the Chairman for another 4 years.