The U.S. central bank indicated Wednesday it is likely to raise the ultralow interest rates later this year although its policy-setting panel gave no new words regarding exactly when it could take place.

"Clearly most participants are anticipating that a rate increase this year will be appropriate," Federal Reserve Chairwoman Janet Yellen told a press conference after a two-day policy-setting meeting, citing a stable recovery of the U.S. economy.

The Federal Open Market Committee decided to keep the interest rate at zero to 0.25 percent and sharply revised downward the outlook for the country's economic growth for this year, while maintaining its projections for next year.