The Federal Reserve on Wednesday maintained interest rates at near-zero, noting that economic activity and employment have “picked up somewhat in recent months” but cautioned that the coronavirus needs to be contained in order to have faith in a rebound.
“The path of the economy will depend significantly on the course of the virus,” the Federal Open Market Committee added to its policy statement on Wednesday. The Fed originally intended to keep most of its liquidity facilities open through September, but the U.S. Treasury and the Fed agreed to extend those facilities through December 31. One facility targeting short-term corporate financing, the Commercial Paper Funding Facility, will remain operational through mid-March 2021.
The central bank’s statement noted that “overall financial conditions have improved in recent months.” Policymakers have been contemplating the use of more explicit forward guidance, in which the Fed would commit to keeping rates at the zero bound until unemployment and/or inflation reach certain targets.
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