WASHINGTON - US Federal Reserve announced on Tuesday that it will remain the current ultra-loose monetary policy to support economic recovery.

"The economy has been expanding moderately. Labor market conditions have improved further; the unemployment rate has declined notably in recent months but remains elevated. Household spending and business fixed investment have continued to advance," the central bank said in a statement after its Federal Open Market Committee (FOMC) meeting held on Tuesday.

The US housing sector remained depressed. Inflation has been subdued in recent months, although prices of crude oil and gasoline have increased lately. Longer-term inflation expectations have remained stable, noted participants of the FOMC meeting, the powerful interest rate setting panel.

The Fed reaffirmed to keep the exceptionally low levels of federal funds rate in current range of 0-0.25 percent at least through late 2014 to bolster economic recovery, an ultra-loose monetary stance announced by the Fed in January.