Fed predicts ‘unprecedented’ economic shock

Jerome Powell
Jerome Powell
Federal Reserve

The Federal Reserve kept the level of its policy rate on hold today (April 29), as policy-makers warned the US could see some of the worst economic data in the country’s history.

The central bank repeated its previous forward guidance that rates will stay put until the economy has “weathered” the economic fallout of the pandemic.

The Fed has held rates at the 0–0.25% range since the unscheduled meeting on March 15, when it made a 100 basis-point cut to ease conditions due to the economic

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