Fed Holds Rate at Record Low, Sees ‘Moderate’ Economic Growth

The Federal Reserve said Wednesday it “expects economic growth to remain moderate over coming quarters and then to pick up gradually.”

The Fed held the federal funds rate — the rate banks charge each other — at a zero to 0.25% rate, where it has been since December 2008.

The Fed said in January it was not likely to raise record low key interest rate until at least 2014.

The Federal Open Market Committee statement said it has seen “some signs of improvement” in housing, while noting that the industry at the heart of the financial crisis “remains depressed.”

Click here for the full FOMC statement (Federal Reserve website).