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  • Fed reiterates pledge to use all tools to help United States economy

Fed reiterates pledge to use all tools to help United States economy

Fed holds policy steady amid US election uncertainty Fed lending rate remains close to zero to boost COVID-19 recovery
Conrad Doyle | 06 November, 2020, 19:28

Fed Chair Jerome Powell could take the opportunity at his press conference following the meeting to signal a willingness to find new tools to help the economy, after the bank earlier this year pumped trillions of dollars of liquidity into the financial system and cut the lending rate.

With America´s knife-edge election yet to be called, and the Covid-19 pandemic surging across the nation, analysts will be watching the Federal Reserve on Thursday for signs of whether it may step in again to help the U.S. economy survive the coronavirus downturn.

So it really is- if you want to get the economy back as quickly as possible to where we want it to be, then really, it should be all of government working together.

"The path of the economy will depend significantly on the course of the virus", the policy-setting Federal Open Market Committee said in a statement at the end of its two-day meeting.

Characterising the surge in COVID-19 cases in the USA and overseas as "particularly concerning", Powell said the economic outlook remained "extraordinarily uncertain" and that much depended on keeping the virus in check. Monetary policy would be built around achieving "maximum employment and inflation at the rate of 2% over the longer run", the committee said Thursday. The Fed says economic activity and employment in the United States have continued to rebound. "All of us have a role to play in our nation's response to the pandemic", Powell said, adding a full economic recovery is unlikely until people are confident that it's safe to re-engage in a broad range of activities. But the levels are still well below where they were at the beginning of the year.

"The economy continues to expand, albeit at a slower pace than in the third quarter".

"Today's statement made no explicit reference to any discussion about changes to the Fed's asset purchase programs". We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. "I do think that given the size and scope of prospective stimulus has been diminished, though not entirely extinguished", she said.

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