The Federal Reserve, which has pumped trillions in emergency funding into U.S. financial markets to stem the damage from the coronavirus pandemic, is expected on Wednesday to reiterate its promise to do whatever it takes to support the world's largest economy.
- The Federal Reserve, which has pumped trillions in emergency funding into U.S. financial markets to stem the damage from the coronavirus pandemic, is expected on Wednesday to reiterate its promise to do whatever it takes to support the world’s largest economy.
What no one is expecting from policymakers at this meeting is a detailed forecast for the economy, given the uncertainty around the impact of the virus before a treatment or a vaccine can be found. The Fed’s rate-setting committee, which is meeting by videoconference, is scheduled to issue its policy statement at 2 p.m. EDT . Fed Chair Jerome Powell is due to hold a separate videoconference with journalists half an hour later.
Last month, the Fed said only that it will keep rates near zero “until it is confident that the economy has weathered recent events and is on track to achieve its maximum employment and price stability goals.” Most U.S. states still have stay-at-home measures, though a handful are beginning to reopen even as cases of COVID-19, the respiratory illness that has killed more than 57,000 people in the United States, continue to grow.
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