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Fed Vows To Buy Bonds Until It Sees ‘Substantial’ Economic Progress
Fed Vows To Buy Bonds Until It Sees ‘Substantial’ Economic Progress
Via Reuters:
The Federal Reserve on Wednesday vowed to keep funneling cash into financial markets until the U.S. economic recovery is secure, a promise of long-term help that fell short of hopes of an immediate move to shore up a recent pandemic-related slide.
Following a policy meeting that took stock of both the short-term risks to the economy and the new promise of a coronavirus vaccine, Fed Chair Jerome Powell acknowledged the U.S. central bank’s suite of tools is not well-suited to the most pressing needs faced by households and businesses today.
“The parts of the economy that are weak are the service-sector businesses that involve close contact,” such as restaurants and the travel industry, Powell said in a news conference following the two-day policy meeting.
“Those are not being held back by financial conditions, but rather by the spread of the virus” that is now intensifying across the country, he said.
Unemployed households or struggling businesses are more in need of immediate cash, Powell added, something top lawmakers in Congress were working to provide in talks towards a new $900 billion pandemic relief bill.
For the Fed, the more relevant horizon is the middle of next year, when Powell said the central bank is hopeful the country may approach widespread immunity from the coronavirus, and see economic activity surge.
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