Fed to Keep Low Rates Through 2014

The Federal Reserve said Wednesday it was not likely to raise the record low key interest rate until at least 2014.

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.

“Unless there is a substantial strengthening of the economy in the near term, it’s a pretty good guess we will be keeping rates low for some time,” Fed Chairman Ben Bernanke said at a press conference Wednesday, the Associated Press reported.

The Fed said in a statement that the economy is growing moderately, despite some slowing in global growth, but held off on any further bond-buying programs to try to increase growth.

Click here for the Fed’s full statement. (Federal Reserve website.)