New York (CNN Business)The Federal Reserve left interest rates unchanged near zero in its monetary policy update Wednesday, and it once again reiterated that the economic recovery will depend on the path of the virus.

“The ongoing public health crisis will weigh heavily on economic activity, employment, and inflation in the near term, and poses considerable risks to the economic outlook over the medium term,” the central bank said in a statement.

Even though the economy was beginning to rebound after grinding to a halt during the pandemic lockdown in the spring, the level of economic activity was still well below the levels from the start of the year, the Fed said.

Fed Chairman Jerome Powell will hold a press conference at 2:30 pm ET.

The central bank Tuesday announced an extension to various pandemic lending facilities, including the main street lending facility that lends to small and medium-sized businesses. The facilities will now run through the end of the year.

On Wednesday, the bank also announced an extension of its temporary US dollar liquidity swap lines and the repurchase agreement facility for foreign central banks and international monetary authorities until March next year. This extension will ensure liquidity in dollar-funding markets around the world. The US currency is used in contracts around the world.

This is a developing story. It will be updated

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