WASHINGTON (November 4, 2009)--With the recession evidently over, the Federal Reserve has held a key interest rate at a record low level and again pledged to keep it there for an "extended period" to foster the fragile economic recovery.

“The Committee will maintain the target range for the federal funds rate at 0 to 1/4 percent and continues to anticipate that economic conditions, including low rates of resource utilization, subdued inflation trends, and stable inflation expectations, are likely to warrant exceptionally low levels of the federal funds rate for an extended period,” the Fed said Wednesday.

The Fed said economic activity has "continued to pick up" and that the housing market also has grown stronger, a key ingredient to a sustained recovery.

The Fed says it will trim its purchases of debt from Fannie Mae and Freddie Mac to $175 billion, from $200 billion, because there is limited availability of that debt.