The U.S. Federal Reserve System acting as the national central bank has kept the base interest rate at the level of 0-0.25% as expected by the market, the Federal Open Market Committee (FOMC) said after the meeting.
"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," the Committee said.
"The Committee will continue to monitor the implications of incoming information for the economic outlook, 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," FOMC added.
The U.S. central bank’s moves come as the economy struggles with the impact of the coronavirus pandemic. However, the Fed expects the U.S. economy will return to growth in 2021, with unemployment falling to 9.3% and GDP increasing 5%, followed by 3.5% growth in 2022, The Guardian reported.
