The Federal Reserve completes its latest policy meeting on Wednesday with attention turning from its massive response to the coronavirus pandemic and toward its still-developing plans to strengthen and lengthen a nascent economic recovery.
FILE PHOTO: U.S. Federal Reserve Chairman Jerome Powell speaks to reporters after the Federal Reserve cut interest rates in an emergency move designed to shield the world's largest economy from the impact of the coronavirus, during a news conference in Washington, U.S., March 3, 2020. REUTERS/Kevin Lamarque
But amid the gloom of around 20 million jobs lost since February, an economy probably shrinking at a Depression-era pace, and nearly 111,000 Americans dead, stock markets are back near pre-crisis highs and bond markets stabilized by Fed actions are funding struggling firms like department store Macy’s.
The Fed’s perceptions about the future will be provided in policymakers’ economic projections updated for the first time since December, before the pandemic torpedoed a decade-long expansion. Those programs are meant as a kind of failsafe for local governments and companies to help weather the sudden loss of tax revenue and income the pandemic provoked.
It is also likely to consider new sorts of promises, such as pledging to keep longer-term interest rates at a specific level, a strategy known as yield curve control.
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