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The Federal Reserve said Wednesday it “expects economic growth to remain moderate over coming quarters and then to pick up gradually.”

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 Decem 2008.

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The Federal Open Market Committee statement said it has seen “some signs of improvement” in housing, while noting that the industry at the heart of the financial crisis “remains depressed.”