Federal Reserve committed to providing open-ended support to US economy: Minutes

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WASHINGTON, DC: Federal Reserve policymakers agreed broadly to make full use of the tools at the central bank's disposal to help foster a recovery ...

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WASHINGTON, DC: Federal Reserve policymakers agreed broadly to make full use of the tools at the central bank's disposal to help foster a recovery from the recession triggered by the coronavirus pandemic, minutes of the US central bank's last policy meeting showed.

The Fed has repeatedly said the US economic outlook remains highly uncertain and reiterated that a full economic recovery hinges on the virus, which has killed more than 127,000 people in the United States, being brought under control. The US economy slipped into recession in February and economic output and employment are still far below pre-crisis levels despite a rebound as restrictions were eased. More than 30 million people were receiving unemployment checks in the first week of June, about a fifth of the labor force.At last month's policy meeting, the Fed signaled it planned years of extraordinary support for the economy, with policymakers projecting the economy to shrink 6.

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