The Federal Reserve says it will keep interest rates near zero until 2023 by skleb1234
The Federal Reserve concluded its two-day policy meeting—the last one before the November election—on Wednesday by pledging to keep interest rates near zero until 2023, as the central bank looks to continue to support the U.S. economic recovery out of the coronavirus recession.... [+]In a widely expected move, the Fed kept short-term interest rates steady at the 0% to 0.25% range on Wednesday.
The central bank also signaled that it would keep rates anchored near zero through at least 2023, with all but four members of the Fed board agreeing with the long-term outlook. Fed officials also issued updated quarterly economic forecasts, reflecting a smaller decline in GDP and a lower unemployment rate in 2020.
While the economic recovery has “progressed more quickly than generally expected” and Fed forecasts have been revised up from previous projections, overall activity still remains “well below” the level it was before the pandemic, Fed chairman Jerome Powell said in a press conference. The Federal Open Market Committee “expects to maintain an accommodative stance of monetary policy” until inflation averages 2% over time, the central bank said in a statement. a “robust updating” of policy in which the Federal Reserve will allow inflation to run “moderately” above its long-running 2% goal. is meant to support the labor market and broader economy by keeping interest rates lower for a longer period of time.
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