Fed keeps key interest rate at record low near zero

WASHINGTON — The Federal Reserve upgraded its economic outlook Wednesday but voted to keep short-term interest rates unchanged near zero and signaled it has no intention of raising rates in coming months despite robust third-quarter growth.

The central bank's policy statement, issued after a two-day meeting, noted the economy "has continued to pick up." Housing activity "has increased in recent months" and "household spending appears to be expanding," the Fed said.

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