The U.S. Federal Reserve decided Wednesday to keep interest rates on hold at between 0% and 0.25%, as widely expected.

It said that while “economic activity is likely to remain weak for a time”, it had begun to “level off”, suggesting the worst of the recession is over.

The central bank added that the current low levels of interest rates will likely continue “for an extended period” to aid the recovery.

U.S. interest rates were cut to the current level of between 0% and 0.25% in December last year, where they have remained ever since.

Before then rates had fallen steadily from a high of 5.25% in September 2007.

IE