Federal Reserve leaves benchmark interest rate unchanged at 0-0.25% range
Arirang News
2020-06-11
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미 연준, 제로금리 유지…2022년말까지 금리인상 없다
Our top story this morning.
The U.S. Federal Reserve has left its benchmark interest rates unchanged at zero to a quarter-of-one percent as widely expected.
The Fed also revealed that it doesn't expect to raise the federal fund rate until at least 2022 due to the current social unrest as well as the chaos caused by COVID-19.
Lee Seung-jae reports.
The Federal Open Market Committee announced after its policy meeting Wednesday that it will leave its benchmark interest rate at near zero,... in the zero to quarter percentage rate,... as was widely expected.
"We're not thinking about raising rates. We're not even thinking about thinking about raising rates. So what we're thinking about is, is providing support for this economy. We do think this is going to take some time."
Wrapping up its two day meeting,... the committee said it expects to maintain this target range until it's confident the American economy has weathered recent events,... and is on track to achieve maximum employment and the Fed's price stability goals.
The Fed,... which lowered rates twice in March due to the COVID-19 pandemic,... doesn't expect to raise the federal funds rate until at least 2022.
The decision to leave its key interest rate unchanged comes as the Fed projected a slow economic recovery from the pandemic-induced recession,... forecasting a grim outlook on the U.S. economy going forth.
In their first economic projection for 2020,... Fed officials say they expect the unemployment rate to be at 9-point-3 percent at the year's end,... and 5-point-5 percent by 2022.
It also expects GDP to contract by 6-point-5 percent at the end of this year,... compared to the final quarter of 2019.
In order to keep the market functioning,... the Fed says it will continue buying government-backed debt "at least at the current pace",... adding it will "closely monitor developments and is prepared to adjust its plans as appropriate".
Federal Reserve chair Jerome Powell says the Fed will do whatever it can, for as long as it takes,... in order to support the recovery and "limit lasting damage" to the U.S. economy.
Lee Seung-jae, Arirang News.
Our top story this morning.
The U.S. Federal Reserve has left its benchmark interest rates unchanged at zero to a quarter-of-one percent as widely expected.
The Fed also revealed that it doesn't expect to raise the federal fund rate until at least 2022 due to the current social unrest as well as the chaos caused by COVID-19.
Lee Seung-jae reports.
The Federal Open Market Committee announced after its policy meeting Wednesday that it will leave its benchmark interest rate at near zero,... in the zero to quarter percentage rate,... as was widely expected.
"We're not thinking about raising rates. We're not even thinking about thinking about raising rates. So what we're thinking about is, is providing support for this economy. We do think this is going to take some time."
Wrapping up its two day meeting,... the committee said it expects to maintain this target range until it's confident the American economy has weathered recent events,... and is on track to achieve maximum employment and the Fed's price stability goals.
The Fed,... which lowered rates twice in March due to the COVID-19 pandemic,... doesn't expect to raise the federal funds rate until at least 2022.
The decision to leave its key interest rate unchanged comes as the Fed projected a slow economic recovery from the pandemic-induced recession,... forecasting a grim outlook on the U.S. economy going forth.
In their first economic projection for 2020,... Fed officials say they expect the unemployment rate to be at 9-point-3 percent at the year's end,... and 5-point-5 percent by 2022.
It also expects GDP to contract by 6-point-5 percent at the end of this year,... compared to the final quarter of 2019.
In order to keep the market functioning,... the Fed says it will continue buying government-backed debt "at least at the current pace",... adding it will "closely monitor developments and is prepared to adjust its plans as appropriate".
Federal Reserve chair Jerome Powell says the Fed will do whatever it can, for as long as it takes,... in order to support the recovery and "limit lasting damage" to the U.S. economy.
Lee Seung-jae, Arirang News.
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