People wearing protective masks shop at Macy’s Herald Square following the outbreak of the coronavirus disease in the Manhattan borough of New York City, New York, US, December 26, 2020. — Reuters pic
The Federal Reserve yesterday left its benchmark overnight interest rate near zero and pledged to continue injecting money into the economy through bond purchases, noting that “the pace of the recovery in economic activity and employment has moderated in recent months.” In the fourth quarter, GDP increased at a 4.0 per cent annualised rate as the virus and lack of another spending package curtailed consumer spending, and partially overshadowed robust manufacturing and the housing market. GDP growth for the last quarter was in line with forecasts in a Reuters poll of economists.
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