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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 Federal Reserve said Wednesday it was not likely to raise the record low key interest rate until at least 2014.

The Federal Reserve Wednesday trimmed its economic outlook, while holding a key interest rate at the record low rate it’s been at since December 2008.

Economic activity improved slightly in September into early October, with modest gains in manufacturing and transportation activity, the Federal Reserve said Wednesday.

The Federal Reserve Wednesday maintained a pledge it made last month to hold the benchmark interest rate near zero through the middle of 2013 as long as unemployment stays high and the inflation outlook is “subdued,” Bloomberg reported.

The U.S. economy’s growth slowed in some regions of the country in July and August on tighter consumer spending and factory production, the Federal Reserve said Wednesday.

The Federal Reserve said Tuesday that continuing sluggish economic conditions have prompted it to keep interest rates at “exceptionally low levels” at least through mid-2013.

Federal Reserve policy makers said Wednesday that the U.S. economy is recovering at a “moderate pace” and that any inflation surge likely to be temporary, while agreeing keeping interest rates at a record low rate, Bloomberg reported.

The U.S. economy showed improvement from mid-February through early April, and reports from transportation services firms were mostly positive, the Federal Reserve said.

Federal Reserve policy makers last month differed over whether to begin removing record stimulus this year as they debated the path of monetary policy after the completion of their $600 billion bond-purchase program.