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The Federal Reserve Fed kept the benchmark rate unchanged at 0-0.25%.
According to the bank’s statement, federal funding rates remained unchanged and remained within the target range of 0 – 0.25%. Interest on excess reserves was also left at 0.10%. The Fed also did not change its asset purchase program. There was no change of interest from the bank.
At its September 15-16 meeting, the Fed signaled that it will keep interest rates stable until at least 2023 to help the US economy recover from the pandemic woes.
Although the decision was made unanimously, the Fed reiterated its determination to use all means to support the US economy and said bond purchases would continue at the current pace.
In the statement released by the Fed, it was pointed out that weakening demand and low energy prices keep inflation below, verbal guidance continues in supportive monetary policy, the pandemic poses a significant risk to the economic outlook and the economic recovery path depends on the course of the coronavirus pandemic.
In the statement, which states that economic activity and employment continue to recover, it was stated that the level of the economy is below pre-pandemic levels and the pandemic will impact activity, employment and inflation in the next future.
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