The Federal Reserve on Wednesday pledged to keep interest rates near zero until the U.S. economy has made it through the coronavirus pandemic, underscoring the deep economic pain radiating through the country.
“The coronavirus outbreak is causing tremendous human and economic hardship across the United States and around the world,” the central bank’s rate-setting committee said in a statement after meetings this week. “The virus and the measures taken to protect public health are inducing sharp declines in economic activity and a surge in job losses.”
The Fed said prices are being held down by weak demand and “significantly lower oil prices,” which last week dropped into negative territory for the first time in history.
Source: politico.com
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