The Federal Reserve left its policy stance unchanged today (January 29) but tweaked the framework it uses to control market rates.

Chair Jerome Powell restated the Fed’s previous message that rates will remain the same unless policy-makers see a “material adjustment” in economic conditions. He also outlined the central bank’s plans for the next steps in its balance sheet and repo market interventions.

The interest rate it pays on excess reserves (IOER) has been lifted 5 basis points to 1.6%.