Fed keeps rates unchanged as US recovery depends on stopping virus, govt relief

rome Powell said Wednesday.

The committee stressed the "tremendous human and economic hardship" caused by the pandemic, and the uncertainty about the coming months. The comments came as Republicans and Democrats in Congress are locked in debate over their dramatically different views on the next emergency spending package. "The current economic downturn is the most severe in our lifetimes... and it will take continued support from both monetary and fiscal policy" to achieve a recovery, he said.

Authorities in states like California, Texas and Arizona have had to reimpose restrictions and close businesses, and data show the rebound in employment has slowed. Many economists are expecting a change in this "forward guidance" but few thought it might happen before September given the growing uncertainty around the economic outlook.

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