Fed says it is unlikely to raise key interest rate until late 2014

WASHINGTON — The Federal Reserve went further than ever Wednesday to assure consumers and businesses that they’ll be able to borrow cheaply well into the future.

The Fed pushed back the earliest date for any likely increase in its benchmark interest rate by at least a year and a half, until late 2014. It said record-low rates are still needed to help boost an improving but still sluggish economy.

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More cheap money. Stocks rose slightly on the news. Gold was up more than 2%.