Federal Reserve Sees Interest Rate Target Near Zero Through 2022

The Federal Reserve on Wednesday announced that it will keep its interest rate target near zero.

Officials projected not raising the rates through at least 2022. In fact, Fed Chairman Jerome Powell said on Wednesday that raising rates is not being discussed at his organization.

“We’re not thinking about raising rates. We’re not even thinking about thinking about raising rates,” he said.

The central bank last cut its interest rate target on March 15 to between 0% and 0.25% in an emergency response to the pandemic. Powell has said the target will not change until the nation has been able to contain the spread of the coronavirus.

He also expects an economic recovery to begin in the next quarter and last for a couple of years.

“Generally, the expectation of an economic recovery is beginning in the second half of this year and lasting over the next couple of years, supported by interest rates that remain at their current level, near zero,” he said. (Read more from “Federal Reserve Sees Interest Rate Target Near Zero Through 2022” HERE)

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