WASHINGTON – The Federal Reserve went further than ever Wednesday 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.

Its new timetable showed the Fed is concerned that the economy’s recovery remains stubbornly slow. But it also thinks inflation will stay tame enough for rates to remain at record lows without igniting price increases.

Chairman Ben Bernanke cautioned that the Fed’s late-2014 horizon for any rate increase is merely its “best guess.”

It has the flexibility to shift its timetable if the economic picture changes. But speaking at a news conference later, Bernanke said:

“Unless there is a substantial strengthening of the economy in the near term, it’s a pretty good guess we will be keeping rates low for some time.”

The Fed’s tepid outlook also suggests it’s prepared to do more to help the economy. One possibility is a third bond-buying program.

The idea would be to further drive down rates on mortgages and other loans to embolden consumers and businesses to borrow and spend more.

In a statement after a two-day policy meeting, the Fed held out the possibility of taking such action later. It said it’s ready to adjust its “holdings as appropriate to promote a stronger economic recovery in the context of price stability.”

Treasury yields fell after the Fed made its announcement about 12:30 p.m. But yields stopped falling after the Fed later issued forecasts for the economy and interest rates. They showed that while some members foresee super-low rates beyond 2014, six of the 17 members forecast a rate increase as early as this year or next.

It was the first time the Fed had released interest-rate forecasts from its committee members. It will now do so four times a year, when it also updates its economic outlook.