FED DECISION: The Federal Reserve votes to leave interest rates unchanged, pledging to keep rates near zero until it is confident the U.S. economy is back on track.
The Federal Reserve painted a dour picture of current conditions and pledged Wednesday to continue its historically aggressive policy stance until it is comfortable that the U.S. economy is back on its feet.
"The ongoing public health crisis will weigh heavily on economic activity, employment, and inflation in the near term, and poses considerable risks to the economic outlook over the medium term," the committee said in its post-meeting statement. "The Committee expects to maintain this target range until it is confident that the economy has weathered recent events and is on track to achieve its maximum employment and price stability goals.
There was no expression in the statement that the Fed feels confident about what its moves will lead to in terms of economic growth. Instead, the committee said it will continue to monitor conditions "including information related to public health, as well as global developments and muted inflation pressures, and will use its tools and act as appropriate to support the economy."
In assessing the current state of affairs, the committee noted bleak conditions across multiple sectors of the economy.
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