WASHINGTON, Jan. 26 (UPI) -- The U.S. Federal Reserve said Wednesday it would stay the course on its interest rate policy and its program to purchase government securities.

The Fed said the economic recovery is back on track, but at a pace "insufficient to bring about a significant improvement in labor market conditions."

"The housing sector continues to be depressed . Employers remain reluctant to add to payrolls," the Fed said.

The Fed has set a goal of buying $600 billion in securities through the end of the second quarter and will continue to do so. The Fed also saw insufficient reason to tamper with the federal funds rate, which is set at zero to 0.25 percent.

The Fed said the 11 voting members of the Federal Open Market Committee were unanimous in approving the policy continuations.