Against that backdrop, Fed Chairman Ben Bernanke and his colleagues left a key interest rate at a record low of between zero and 0.25 percent, and decided against taking any new steps to shore up the economy.

Aggressive action already taken — including a $1.2 trillion effort last month — should gradually help bolster economic activity, the Fed said. It did, however, leave the door open to future action if needed.

Fed policymakers offered a less dour assessment of the economy than the one provided at its previous meeting in mid-March.

“The economy has continued to contract, though the pace of contraction appears to be somewhat slower,” the Fed said. The worst of the recession — in terms of lost economic activity — could be past.