US Federal Reserve forecasts no rate hike through 2022 as it vows to keep supplying all the help it can to the economy battered by the impacts of coronavirus pandemic
A television screen on the floor of the New York Stock Exchange shows Fed Chair Jerome Powell testifying in Washington, Wednesday, Nov. 13, 2019.
Stock prices rallied modestly on the news after having been mainly lower before the Fed issued its latest policy statement at 2 p.m. Eastern time.after its policy meeting ended that the viral outbreak has caused a sharp fall in economic activity and surge in job losses. Fed officials estimate that the economy will shrink 6.5 percent this year, in line with other forecasts, before expanding 5 percent in 2021. They foresee sees the unemployment rate at 9.
Many economists say those steps have prevented the downturn from worsening, by keeping credit flowing. This week, the National Bureau of Economic Research, the official arbiter of recessions,One challenge for the Fed now is to shift its focus from the emergency actions it took in March and April to try to carry the economy through a shutdown, to what steps it will take to stimulate a recovery as businesses increasingly reopen.
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