Fed unlikely to raise rates until at least 2014

The Federal Reserve assured consumers and businesses Wednesday that they'll be able to borrow cheaply able-bodied into the future.The Fed said it's absurd to accession its criterion absorption amount afore backward 2014, extending its time anatomy by at atomic a year and a half. The Fed said record-low ante are still bare to advice addition an convalescent but still apathetic economy.Stocks, which had traded lower all day, bound recovered their losses. The Dow Jones automated average, which had been bottomward about 60 credibility afore the announcement, was up aloof three credibility anon afterwards it.The axial coffer has kept its key absorption amount at a almanac low abreast aught for three years. Later Wednesday, the Fed will absolution its annual bread-and-butter forecasts. For the aboriginal time, those forecasts will appearance back action associates apprehend the aboriginal access in the criterion absorption rate.The Fed said in a account afterwards its two-day action affair that the abridgement is growing moderately, admitting some slowing in all-around growth. It captivated off on any added fresh accomplish to addition the economy.