US Fed Keeps Key Interest Rate at 0% amid Pandemic, Officials Says Will Remain Low through 2022
A man walks past a closed business, Wednesday in Chagrin Falls, Ohio.
(AP Photo/Tony Dejak)
Members of the Fed's policy-setting Federal Open Markets Committee (FOMC) released their economic projections showing they expect the economy to contract by 6.5 percent this year, with unemployment falling to 9.3 percent from the current 13.3 percent.
The Federal Reserve on Wednesday kept the benchmark US interest rate at zero, saying it will remain there until a recovery from the crisis triggered by the coronavirus pandemic is underway.
At the conclusion of its two-day meeting, members of the Fed's policy-setting Federal Open Markets Committee (FOMC) released their economic projections showing they expect the economy to contract by 6.5 percent this year, with unemployment falling to 9.3 percent from the current 13.3 percent.
"The coronavirus outbreak is causing tremendous human and economic hardship across the United States and around the world," the FOMC statement said, warning it "poses considerable risks to the economic outlook."
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