August 27, 2020

Fed unveils major policy shift to maximize job growth

Washington (AFP) – The US central bank rolled out a major policy change on Thursday that gives greater weight to its mission of maximizing employment to benefit lower income families, while ratcheting back its emphasis on fighting inflation.Federal Reserve Chair Jerome Powell said the aim is to correct the “shortfalls” in achieving the Fed’s goal of maximum employment and to recognize that, with changes in the global economy, a tight job market does not necessarily drive prices higher.In practice, the change will keep borrowing rates low for much longer than in prior economic expansions — som…


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