Federal reserve to keep interest rates low until US economy no longer threatened by pandemic, chairman says
Your support helps us to tell the story
As your White House correspondent, I ask the tough questions and seek the answers that matter.
Your support enables me to be in the room, pressing for transparency and accountability. Without your contributions, we wouldn't have the resources to challenge those in power.
Your donation makes it possible for us to keep doing this important work, keeping you informed every step of the way to the November election
Andrew Feinberg
White House Correspondent
The Federal Reserve intends to keep interest rates low as long as the US economy is slowed and further threatened by the coronavirus pandemic, Chairman Jerome Powell told a House panel.
“Our priority remains supporting the economy until we’re really well through this. We are going to keep our rates low, and keep our tools working until we feel we are very clearly past the danger that’s presented to the economy from the pandemic,” the central bank chief said on Wednesday.
“So we are not considering pulling back our support for the economy,” he added. “And we are not going to until we feel very confident that it’s no longer necessary.”
Subscribe to Independent Premium to bookmark this article
Want to bookmark your favourite articles and stories to read or reference later? Start your Independent Premium subscription today.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments