WASHINGTON (AP) — Confronted with an economy gripped by recession and high unemployment, the Federal Reserve signaled Wednesday that it expects to keep its key short-term interest rate near zero through 2022.

At the same time, the Fed said it will keep buying about $120 billion in Treasury and mortgage bonds each month to maintain low longer-term borrowing rates in an effort to spur spending and growth.

The Fed's message Wednesday, in a statement after its latest policy meeting and in a virtual news conference by Chair Jerome Powell, was that it's ready to do more to help support a shaky econo...