Unperturbed by general market turmoil around the world, the Federal Reserve on Wednesday announced that it would leave its benchmark interest rate at 0.00-0.25 percent, and would end a monthly bond-buying program — a signal that it believes the economy is rebounding.

The Fed had been buying $15 billion worth of Treasury and mortgage debt per month to keep interest rates low, attempting to spur an economic recovery. It had been doing so since 2012, when it was spending $85 billion per month, but had gradually reduced that spending and eventually decided Wednesday the stimulus was no longer necessary, according to Investing.com.

The Fed said in a statement on the decision that the “there has been substantial improvement in the outlook for the labor market” since the program began, and the committee sees “underlying strength” in the economy.

Although economic indicators have been less than stable, the economy as a whole has been recovering with consumer prices approaching the 2 percent “comfort zone” for the Fed as inflation remains a non-issue.

However, the Fed is in no hurry to raise interest rates until the economic recovery is clear. It will keep in eye on inflation, though, and likely will not hesitate to spring into action should that become a problem.

Experts believe the Fed may begin to hike rates if the unemployment rate reaches 6.5 percent. It currently stands at 5.9 percent.

There is also concern overseas, with European and Chinese economies experiencing slowdowns that could affect the U.S. economy. The Fed said in its statement that it will take all the data into account in any future interest rate decision.

Meanwhile, the U.S dollar index showed some strength recently, rising 0.65 percent to 86.02.