Breaking News-RTRS-UPDATE 4-Federal Reserve says U.S. recovery is underway

WASHINGTON, Sept 23 (Reuters) - The Federal Reserve on Wednesday upgraded its assessment of the U.S. economy, saying growth had returned after a deep recession, while reiterating its promise to hold interest rates very low for a long time.
The Fed also said it would slow its purchases of mortgage debt to extend that program's life until the end of March, in a move toward withdrawing the central bank's extraordinary support for the economy and markets during the contraction.
The U.S. central bank, as widely expected, held its benchmark overnight lending rates at close to zero percent.