The Associated Press

The U.S. Federal Reserve has decided to hold interest rates at a record low and pledged to keep them there for an “extended period” to keep the recovery going and drive down double-digit unemployment.

In a more upbeat assessment published Wednesday, the Fed says the economy has “continued to pick up” and that “deterioration in the labour market is abating,” a nod to the recent slowdown in the pace of layoffs.

The Fed says it expects to wind down some emergency lending programs when they are set to expire next year.