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Fed Sticks to Whatever It Takes With No Sign of Virus Easing

  • Economy’s path will depend significantly on course of virus
  • Powell says Fed to ‘hope for the best and plan for the worst’
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Fed Pledges to Use All Tools to Support Economy
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The Federal Reserve left interest rates near zero and vowed to use all its tools to support the recovery from an economic downturn that Chair Jerome Powell called the most severe “in our lifetime.”

“The path forward for the economy is extraordinarily uncertain, and will depend in large part on our success in keeping the virus in check,” he told reporters in a virtual press conference Wednesday after the Fed left interest rates near zero. He sounded a dour tone about how long a road is ahead to get back to where the country was only months ago and noted that more fallout from the virus still lies ahead.