US Fed keeps interest rates near zero amid slow economic recovery

The path of the economy continues to depend significantly on the course of the virus

International News: The US Federal Reserve has kept its benchmark interest rate unchanged at the record-low level of near zero, as the country grapples with slowing economic recovery amid surging Covid-19 cases. “The path of the economy continues to depend significantly on the course of the virus,” Fed Chairman Jerome Powell said at a virtual press conference on Wednesday.

“A resurgence in recent months of Covid-19 cases, hospitalizations and deaths is causing great hardship for millions of Americans and weighing on economic activity and job creation.” The Fed chief noted that following a sharp rebound in economic activity last summer, the pace of the recovery has “moderated” in recent months, with the weakness concentrated in the sectors most adversely affected by the resurgence of the virus and greater social distancing, reports Xinhua news agency. “The economy is a long way from our employment and inflation goals, and it is likely to take some time for substantial further progress to be achieved,” Powell said.

After concluding its first policy meeting of 2021, the Fed decided to maintain the target range for the federal funds rate at 0-0.25 per cent. Noting that inflation has been running persistently below the Fed’s 2 per cent longer-run goal, the Federal Open Market Committee (FOMC), the central bank’s policy-making body, said in a statement released on Wednesday afternoon that it will aim to achieve inflation moderately above 2 per cent for some time so that inflation averages 2 per cent over time.

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