In a highly anticipated decision, the Federal Reserve announced Tuesday, after a two-day meeting, that it would not take any immediate steps to boost the economy.

In a statement, the Fed said that the economy had "strengthened somewhat" in the third quarter of the year, and that it foresees "moderate" economic growth in the coming months. However, it also cautioned that many risks remain, including the ongoing debt crisis in Europe.

Should the economy suddenly sour, the Fed left open the possibility of taking more stimulative measures in the near future, though it did not specifiy what those measures might be.

"The Committee will continue to assess the economic outlook in light of incoming information and is prepared to employ its tools to promote a stronger economic recovery in a context of price stability," the Fed said in a statement.

The statement was approved by a 9-1 vote, with Chicago Federal Reserve Bank President Charles Evans, who supported taking stronger action now, dissenting.

Read the entire statement from the Fed here.