Feds Keep Interest Rates at Zero

The Federal Reserve Bank is keep interest rates between zero and one-quarter of percent as a result of negative economic impact caused by COVID-19.

“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,” according to a Fed statement.

The Fed says it will continue to monitor the employment situation and its two-percent inflation objective. It will also “continue to purchase Treasury securities and agency residential and commercial mortgage-backed securities in the amounts needed to support smooth market functioning, thereby fostering effective transmission of monetary policy to broader financial conditions.”