Fed cites moderate US growth, takes no new action

WASHINGTON (AP) — Two weeks before a U.S. election focused on the economy, the Federal Reserve said Wednesday that its help is still needed to increase growth and lower unemployment.

The Fed took no action after a two-day policy meeting. It wants time to assess whether the aggressive steps it launched in September will help the economy.

Last month, the Fed began buying mortgage bonds to try to push long-term interest rates lower and make home buying more affordable. It also said it planned to keep its benchmark short-term rate near zero through mid-2015.