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Federal Reserve keeps interest rates unchanged at near-zero

United Press International by United Press International
September 22, 2021
in Consumer Alerts, Financial News, National
Reading Time: 1 min read
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WASHINGTON (UPI) — The Federal Reserve on Wednesday held steady on its benchmark lending rate, leaving it near zero and warning that an increase could be coming as the economy rebounds from the COVID-19 pandemic.

The Federal Open Market Committee concluded its two-day meeting with a statement saying interest rates will remain at 0% to 0.25%, the same level since March 2020, the beginning of the economic downturn.

The statement said the status of the U.S. economy continues to depend on the course of COVID-19.

Federal Reserve Jerome Powell
Federal Reserve Board Chairman Jerome Powell said interest rates could increase next year. SARAH SILBIGER/UPI FILEP

“With progress on vaccinations and strong policy support, indicators of economic activity and employment have continued to strengthen,” it read. “The sectors most adversely affected by the pandemic have improved in recent months, but the rise in COVID-19 cases has slowed their recovery.

“Inflation is elevated, largely reflecting transitory factors. Overall financial conditions remain accommodative, in part reflecting policy measures to support the economy and the flow of credit to U.S. households and businesses.”

Fed Chairman Jerome Powell said that as long as the economy improves, the FOMC plans to start pulling back on some stimulus measures. It’s likely interest rates could see their first hike in 2022 since the start of the pandemic.

“While no decisions were made, participants general viewed that so long as the recovery remains on track, a gradual tapering process that concludes around the middle of next year is likely to be appropriate,” he said.

Reporting by Danielle Haynes

United Press International
+ posts

United Press International is an international news agency whose newswires, photo, news film, and audio services provided news material to thousands of newspapers, magazines and radio and television stations for most of the 20th century.

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