The US Federal Reserve kept interest rates close to zero, and renewed its pledge to support the economy.
According to Reuters, council officials said the Corona virus pandemic would burden the short-term outlook and pose significant risks in the medium term.
A statement from the Central Bank said at the conclusion of a two-day meeting held via closed-circuit television because of the virus, the Reserve Board is committed to using various tools to support the American economy at this difficult time, and to serve the achievement of its goals of maximum employment and price stability.
Within weeks, the US economy moved from unprecedented low unemployment to more than 26 million people applying for unemployment benefit amid a sharp drop in activity, the most severe since the Great Depression, with government authorities across the country closing large sectors of industry and trade to stem the spread of the emerging Corona virus.
In light of the uncertainty surrounding the economic outlook, the Fed said it expects to maintain the target price range for the benchmark night lending rate as it is until it becomes confident that the economy has weathered recent events and is in the process of achieving maximum employment and price stability targets.
