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The U.S. Central Bank It reiterated its promise to provide direct protection to the economy against emerging coronavirus rates and growth considerations.
The Federal Reserve kept interest rates close to 0 on Wednesday, saying it will keep them there for as long as necessary.
A Fed said there were recent symptoms of economic recovery.
But he warned that the economy’s long-term trajectory is related to the virus’s trajectory.
“After sharp declines, economic activity and employment have recovered in recent months, but they are still well below their grades at birth of the year,” policy makers said after their last two-day meeting.
All members of the Fed’s policy-making committee voted to leave the objective diversity of short-term interest rates between 0% and 0.25%, where it was since March 15, when Covid-1nine began to succeed in the country.
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“The Committee plans to maintain this objective diversity until it realizes that the economy has withstood recent parties and must meet its maximum employment goals and load stability,” the statement said, adding, “The economic trajectory will largely count on the evolution of the virus.”
Economists have said the Fed’s position on interest rates suggests that the maximum increase is likely to increase, that is, for some time.
Gregory Daco, america’s leading economist at Oxford Economics, said: “We expect rates to take off only by mid-2024, with inflation succeeding by 2% on a sustained basis and a lagging unemployment rate [], the improvement in the entire economy.”
Bankrate.com’s leading economic analyst Greg McBride said the Fed’s low-rate strategy had kept credit to consumers and businesses, helping the employment market position and retail spending.
“But they can’t tame the virus or manufacture demand, and that’s what the economy desperately needs in order to bounce back,” he said.