The central bank expects the economy to shrink by 6.5% this year.
The Fed concluded its two-day meeting on Wednesday leaving interest rates unchanged and indicating that they will remain there through at least 2022.
The Fed painted a grim view of the economy, though it signaled confidence that it can recover in the next few years: Unemployment will fall to 9.3% by the end of 2020—down from over 13% in May—and to 6.5% by the end of 2021. The Fed sees the economy contracting 6.5% this year, before rebounding somewhat and growing 5% in 2021.
The central bank also committed to maintaining its unprecedented stimulus plan until the economy has “weathered” the negative impact of the coronavirus pandemic. The Fed promised not to reduce the pace of its quantitative easing, as it plans to increase holdings of Treasury and mortgage-back securities over the coming months. It also pledged to continue its extensive bond buying programs, “at least at the current pace,” for the foreseeable future. including rate cuts, lending programs and credit facilities that gave investors reassurance amid the coronavirus pandemic.
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