Federal Reserve officials indicated they expected the economic recovery from the pandemic-induced recession would be a slow one, with rates near zero for years.WASHINGTON — The Federal Reserve on Wednesday said it would leave interest rates near zero for the foreseeable future as the central bank projected high unemployment for several years and a long slog back from the pandemic-induced recession. That would be well above the level they expect to prevail over the longer run in a healthy economy and far above the historically low jobless rates that preceded the virus.”Many millions have lost their jobs,” Fed Chair Jerome H. Powell said at a news conference following the Fed’s two-day policy meeting, adding the extent of the downturn and pace of the recovery remain “extraordinarily uncertain.”Mr. Powell said the Fed will do “whatever we can, and for as long as it takes” to support the recovery and “limit lasting damage” to the economy.That includes keeping rates near rock-bottom for the foreseeable future, Mr. Powell said, noting there would likely be no rate increase through at least 2022.“We do think that this is going to take some time — I think most forecasters believe that,” Mr. Powell said.The Fed is projecting a particularly sharp economic hit in 2020, with officials expecting output to contract by 6.5 percent at the end of this year compared to the final quarter of 2019, before rebounding by 5 percent in 2021.The new forecasts predict a far slower path back to economic strength than the Trump administration — and perhaps the stock market — seems to expect as the economy climbs out of a virus-spurred downturn. The Federal Reserve’s interest-rate committee on Thursday announced it has unanimously approved a new strategy seen as leading to an easier monetary policy stance. He has warned that both monetary and fiscal policy “While the economic response has been both timely and appropriately large, it may not be the final chapter, given that the path ahead is both highly uncertain and subject to significant downside risk,” Since then, some data points have come in above expectations.
The Federal Reserve announced on Sunday it would drop interest rates to zero and buy at least $700 billion in government and mortgage-related bonds as … TOPLINE. The Federal Reserve slashed interest rates by half a percentage point on Tuesday, a bold attempt to give the US economy a jolt in the face of concerns about the coronavirus outbreak. How the Federal Reserve's major shift could benefit investors Maggie Fitzgerald Fri, Aug 28th 2020 Next up for the Federal Reserve: Convincing the markets it can do what it says it will do He said in And those messages are very different from the one coming from President Trump, who has been celebrating on Twitter as stock indexes rally.“NASDAQ HITS ALL-TIME HIGH. It has been snapping up government-backed bonds to keep markets functioning normally, and has rolled out a series of emergency credit programs aimed at ensuring that businesses and state and local governments can borrow money.Fed Leaves Rates Unchanged and Projects Years of High UnemploymentThe Federal Reserve ended its two-day meeting and provided new economic projections that show how the central bank is viewing the economy. USA!” he Mr. Powell has emerged as a voice of economic caution since the pandemic took hold. The Federal Reserve staff has lowered its forecast for second half GDP, according to minutes of the central bank’s July meeting released Wednesday. Fed Chairman Jerome Powell’s strategy to combat deflation boils down to raising inflation target, economists sayKasas City Fed President Esther George said Wednesday its too soon to speculate on what more the Fed can do to help the economy recover from the pandemic. The Federal Reserve Bank of New York works to promote sound and well-functioning financial systems and markets through its provision of industry and payment services, advancement of infrastructure reform in key markets and training and educational support to international institutions.


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