The United States Federal Reserve (Fed) has kept interest rates at historic lows (0% -0.25%) and has not injected more monetary stimuli, waiting to meet the new american president. The analysts did not expect new measures at this meeting, so the world's most powerful central bank has fulfilled the market script.
At statement issued after the meeting, the Fed said that "is committed to using its full range of tools to support the US economy at this challenging time, to further its maximum goals for employment and price stability. "
"The COVID-19 pandemic," added the entity, which at the last meeting anticipated rates at historic lows until 2024, "this causing enormous human and economic hardship in the United States and around the world. Economic activity and employment have continued to recover, but remain well below their levels at the beginning of the year. Weak demand and previous drops in oil prices have slowed consumer price inflation. Overall financial conditions remain accommodative, partly reflecting policy measures to support the economy and the flow of credit to US households and businesses. "
For the central bank, "the path of the economy will depend significantly on the course of the virus. The current public health crisis will continue to affect economic activity, employment and inflation short term, and poses considerable risks to the economic outlook medium term".
All members of the FOMC, the Federal Open Market Committee that decides monetary policy, have voted in favor of the statement. The president of the body, Jerome powell, will offer a press conference starting at 8:30 in the afternoon to answer questions from the media.
In the morning, the Bank of england (BoE) has met the consensus forecasts and increased its asset purchase program in 150 billion pounds, up to 895,000 million. Analysts anticipated a new round of stimuli from 100 billion pounds sterling given the harshness with which the second wave of Covid has hit United Kingdom.
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