Marathi | HIndi

Epaper
Follow us:
Home > Business > US Fed keeps interest rates near zero
US Fed keeps interest rates near zero English.Lokmat.com

US Fed keeps interest rates near zero

Washington, July 30 The US Federal Reserve on Wednesday kept its benchmark interest rate unchanged at the record-low ...
US Fed keeps interest rates near zero

Washington, July 30 The US Federal Reserve on Wednesday kept its benchmark interest rate unchanged at the record-low level of near zero amid a recent resurgence in Covid-19 cases nationwide.

"Following sharp declines, economic activity and employment have picked up somewhat in recent months but remain well below their levels at the beginning of the year," the Fed said in a statement after concluding a two-day policy meeting, Xinhua reported.

"The path of the economy will depend significantly on the course of the virus. The ongoing public health crisis will weigh heavily on economic activity, employment, and inflation in the near term, and poses considerable risks to the economic outlook over the medium term," the Fed said, adding the central bank decided to maintain the target range for the federal funds rate at 0-0.25 per cent.

"The Committee expects to maintain this target range until it is confident that the economy has weathered recent events and is on track to achieve its maximum employment and price stability goals," the Fed said, referring to the Federal Open Market Committee, the Fed's policy-making body.

The Fed cut interest rates to near zero at two unscheduled meetings in March and began purchasing massive quantities of US treasuries and agency mortgage-backed securities to repair financial markets. It also unveiled new lending programs to provide up to $2.3 trillion to support the economy in response to the coronavirus outbreak.

( With inputs from IANS )

Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

US Fed keeps interest rates near zero amid Covid-19 resurgence
US Fed keeps interest rates near zero
Bharti Airtel's Q1 net loss at Rs 15,933 cr on AGR provisioning
Govt extends deadline for strategic sale of BPCL third time
SEBI extends date for new norms on pledged shares to Aug 31