Fed’s Powell: Interest Rates To Remain Unchanged Till Economy Recovers

Federal Reserve Chairman Jerome Powell Cryptocurrencies

The central bank will keep interest rates unchanged and continue its bond-buying program till the economy recovers fully. Federal Reserve Chairman Jerome Powell disclosed this on Wednesday. The announcement comes amid concerns and speculations over growing inflation triggering an increase in interest rates. The central bank is targeting a consistent inflation rate of 2% or slightly more in hopes of rolling back inflation expectations anchored around the same level.The pandemic-induced massive job loss has demanded sustained liquidity and stimulus from the government and the central bank. This led to the central bank’s bond-buying program. “We are 8.5 million jobs below February 2020” said Powell, whilst also stating that recovering from this job loss would take some time. This hints at th...

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