The Federal Reserve's chief policymaking group, the Federal Open Market Committee, has vast power over the economy through its ability to set monetary policy. Here is a look at how the FOMC operates. Q: What is the FOMC's primary role?

The Federal Reserve held its easy-money policies in place Wednesday in the face of a moderately growing economy facing headwinds from the government's severe "sequester" spending cuts. The policy-setting Federal Open Market Committee, as widely expected, kept the central bank's key interest rate at zero to 0.25 percent and its $85 billion a month bond-buying program in place in a bid to support economic growth.

The Federal Reserve slightly upgraded its view of the US economy Wednesday, its Beige Book report on regional activity saying that manufacturing and construction continues to grow. "Reports from the twelve Federal Reserve Districts suggest overall economic activity expanded at a moderate pace during the reporting period from late February to early April," the survey said.

US stocks powered to new record highs Wednesday after Federal Reserve meeting minutes suggested the Fed's easy-money policies would remain in place for a while longer. The Dow Jones Industrial Average rose 128.86 (0.88 percent) to 14,802.32, a new all-time closing high. The broad-based S&P 500 surged 19.11 (1.22 percent) higher to 1,587.72, also a record. The Nasdaq Composite Index rose 59.39 (1.83 percent) to 3,297.76, reaching its highest level since November 2000.