'We have held our policy rates near zero since mid-March and stated that we will keep it there till we are confident that the economy has weathered recent events,' Fed Chair Jerome Powell said
- The surge in U.S. coronavirus cases is beginning to weigh on economic activity, the head of the Federal Reserve said on Wednesday, and he promised the U.S. central bank would “do what we can, and for as long as it takes,” to limit damage and boost growth.
The Fed’s policy statement, released at the close of its two-day meeting, directly tied the economic recovery to resolution of a health crisis whose direction remains much in doubt. More than 150,000 Americans have died from COVID-19, the respiratory illness caused by the novel coronavirus. “That data show that on balance ... the pace of the recovery looks like it has slowed since cases began that spike,” he said. “I want to stress,” he added, “it’s too early to say both how large that is and how sustained that is.”
“We are not even thinking about thinking about thinking about raising rates,” Powell said, noting the economic recovery will take a long time because millions of people working in heavily affected industries like hotels or restaurants won’t have jobs to go back to any time soon. “We are in this until we are well through it.”
A government report due out Thursday is expected to show a record 34% drop in annualized economic output last quarter.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Fed chief says coronavirus surge starting to dent U.S. economic recoveryThe surge in U.S. coronavirus cases and the restrictions aimed at containing it have begun to weigh on the economic recovery, the head of the Federal Reserve said on Wednesday, pointing to an apparent pullback by consumers and a slowdown in the rehiring of furloughed workers, particularly by small businesses.
Read more »
You Are What Your Cow Eats: The Health Benefits Of Grass-Fed Beef And DairyWe all know grass-fed is better for the planet and the animals. But here's how it can be better for our health, too.
Read more »
Fed extends several emergency lending programs to end of year from Sept. 30The Federal Reserve on Tuesday said its board of governors had decided to extend several emergency loan programs until the end of the year. The programs had...
Read more »
Euro off two-year highs before Fed meetingLondon - The euro retreated from its two-year high on Tuesday as dollar sales declined before a two-day Federal Reserve meeting, during which investors expect its outlook will be reaffirmed.
Read more »
U.S. Treasury yields higher ahead of Fed meetingU.S. government debt prices moved lower on Tuesday morning ahead of a new Federal Reserve meeting.
Read more »
Opinion | How white Catholic and Protestant churches fed American racism — and still doFor most of American history, the light-skinned Jesus conjured up by white congregations demanded the preservation of inequality as part of the divine order.
Read more »