Federal Reserve expects interest rates near zero for months

Name: Federal Reserve expects interest rates near zero for months
Uploaded: 30 Apr 2020, 12:23:19 PM
Duration: 01:39
Channel: TIMESOFINDIA.COM

| Apr 30, 2020, 12:23:19 PM | AP

The Federal Reserve signaled Wednesday that it will keep its key short-term interest rate near zero for the foreseeable future as part of its extraordinary efforts to bolster an economy that is sinking into its worst crisis since the 1930s. The Fed noted the gravity of the crisis that has gripped the economy in the face of the coronavirus outbreak and made clear it would continue to do all that it could to provide support. But at a news conference, Chairman Jerome Powell also made a forceful, if indirect, plea for Congress to spend as much as necessary to aid workers and businesses until the economy can start to recover - and not fret about the likely cost. Congress has already approved more than $2.5 trillion in rescue programs.