Federal Reserve officials in January were more optimistic about the long-term health of the economy, minutes of their meeting released Wednesday show.
Most Fed officials thought the stimulus passed in December, the chance of more stimulus this year and progress in vaccinations “would lead to a sizable boost in economic activity,” the minutes said. The Fed has cut its policy rate close to zero. In addition, the central bank has committed to buying at least $120 billion per month of Treasurys and mortgage-backed securities until it sees “substantial progress” in reaching its twin goals of maximum employment and price stability.
The Fed’s staff reported to policymakers that they saw “a considerably stronger outlook for activity in 2021 relative to the December forecast.” The staff said after swings in prices as the economy reopens this year, inflation was expected to finish the year at just below the Fed’s 2% target.
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