The Federal Reserve decided Wednesday to hold its target for overnight interest rates to zero to 0.25 percent and pledged keep them at the record-low levels for an "extended period" in a bid to ensure a nascent recovery gains traction.

The central bank unanimously made the decision, as expected earlier by market players, at the end of a two-day session of the Federal Open Market Committee, keeping intact its bold policy of low interest rates along with a host of programs to spur credit flows.

The Fed's decision came despite its assessment that the economy "has continued to pick up."

"The Federal Reserve will continue to employ a wide range of tools to promote economic recovery and to preserve price stability," it said.

The Fed also kept the more symbolic discount rate unchanged at 0.50 percent.

The next FOMC meeting is scheduled for Dec. 15-16.