Fed again vows to keep rate at record low

WASHINGTON (AP) — With the recession apparently over, the Federal Reserve on Wednesday held a key interest rate at a record low and again pledged to keep it there for an “extended period” to foster the fragile economic recovery.

The Fed said economic activity has “continued to pick up” and that the housing market also has grown stronger, a key ingredient to a sustained recovery.

But Fed Chairman Ben Bernanke and his colleagues warned that rising joblessness and hard-to-get credit for many people and companies could restrain the rebound in the months ahead.

Against that backdrop, the Fed kept the target range for its bank lending rate at zero to 0.25 percent.