February 23, 2021

Fed’s Powell pledges low rates until inflation exceeds 2%

Washington (AFP) – Federal Reserve Chairman Jerome Powell on Tuesday pledged that the US central bank will keep benchmark lending rates low until the economy is at full employment and inflation has risen consistently. The assurance comes amid growing fears on markets that a quick recovery from the pandemic will lead to higher interest rates. Powell insisted that the Fed will keep rates at the current level near zero until the economy reaches “maximum employment and inflation has risen to 2 percent and is on track to moderately exceed 2 percent for some time.” However, he cautioned, “the econom…

source https://this.kiji.is/en/736971668607942656?c=648607265489716321

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