WASHINGTON (AP) -- The Federal Reserve says it is unlikely to raise interest rates before late 2014, extending a period of record-low rates by more than a year. The Fed says it is keeping rates low to help lift a weak but modestly growing economy.

The new time frame 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. The Fed has kept its key interest rate at a record low near zero for three years.

The Fed says in a statement released after its two-day meeting that the economy is growing moderately, despite some slowing in global growth. It held off on any other new steps to boost the economy.

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