"America's central bank is likely to emphasize a decidedly low rate outlook for years to come to help nurse the world's biggest economy back to health after a record contraction," said Joe Manimbo, senior market analyst at Western Union Business Solutions, referring to the 2nd quarter when the business shutdowns caused gross domestic product to collapse by a record 31.7%.
Democrats in the Republican-led Senate last week blocked a $500-billion proposal that would have included an extra $300 per week in payments to the unemployed. That was less than the $600 given each week up till the end of July by the $2.2-trillion CARES Act signed in March. The United States has seen tens of millions of layoffs since mid-March, sending the unemployment rate spiking to 14.7% in April.
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