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Fed unlikely to raise rates until at least 2014

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WASHINGTON (AP) -- The Federal Reserve went further than ever today to assure consumers and businesses that they'll be able to borrow cheaply well into the future.

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

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