Fed is likely to keep low key interest rate until late 2014

The Federal Reserve says it is unlikely to raise interest rates before late 2014. It means a period of record-low rates would be extended by more than a year. The Fed has kept its key interest rate at a record low near zero for three years.The Fed's decision to keep rates low is to help lift a weak but modestly growing economy.

The new timeframe hints at details in the Fed's quarterly economic forecast, which will be released later. That will show in what year policy members expect the first increase in the Fed's benchmark interest rate.