Fed likely to keep key rate at record low

WASHINGTON -- The Federal Reserve is expected to leave interest rates at their already record low levels.

The central bank concludes its two-day policy-setting session this afternoon. Experts think it will keep the target range for its bank lending rate at zero to 0.25 percent. That would leave commercial banks' prime lending rates at about 3.25 percent, the lowest in decades.

The prime rate is used to peg rates on home equity loans, certain credit cards and other consumer loans.

Economists are expecting the Fed to stick to a promise to keep rates "exceptionally low" for an "extended period" to give the recovery some lasting power.

(Copyright 2009 by The Associated Press.  All Rights Reserved.)