Washington, D.C. ? The Federal Reserve said Wednesday it sees signs the recession is easing and that the economic outlook has “improved modestly” since last month.

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, analysts said.