The Federal Reserve Board's policymaking committee reiterated Wednesday its plan to end most of its liquidity facilities on Feb. 1.

Noting "ongoing improvements in the functioning of financial markets," the committee said it felt comfortable abandoning many of the programs it has used to revive credit markets, including the Commercial Paper Funding Facility, the Primary Dealer Credit Facility and the Term Securities Lending Facility. The Fed said it would "modify these plans if necessary to support financial stability and economic growth."

Housing activity has shown "some signs of improvement over recent months," according to the Fed.

It remains on track to buy $1.25 trillion of mortgage-backed securities and $175 billion in debt from the government-sponsored enterprises by March 31.

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