US Fed: No rate hikes likely through 2022

Projects 6.5% GDP contraction this year   BusinessMetricsNG with wire report The Federal Reserve decided on Wednesday to hold interest rates steady at near-zero, signaling its intention to support a post-COVID economic recovery by keeping rates at the lower bound through at least 2022. “We’re not thinking about raising rates,” Fed Chairman Jerome Powell said in a press conference. “We’re not even thinking about thinking about raising rates.” The Fed’s statement noted that financial conditions “have improved,” pointing to optimism over an economic recovery. In addition to keeping rates in…

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