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The Kitchen Table

Thursday
December 17, 2020
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Aruba’s ONLY English newspaper
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Fed keeps rate near zero and sees brighter economy in 2021
By CHRISTOPHER RUGABER
and MARTIN CRUTSINGER
AP Economics Writers
WASHINGTON (AP) —
The Federal Reserve said
Wednesday that it will keep
buying government bonds
until the economy makes
"substantial" progress, a
step intended to reassure
financial markets and keep
long-term borrowing rates
low indefinitely.
The Fed also reiterated af-
ter its latest policy meet-
ing that it expects to keep
its benchmark short-term
interest rate near zero
through at least 2023. The
Fed has kept its key rate
there since March, when it
took a range of extraordi-
nary steps to fight the pan-
demic recession by keep-
ing credit flowing.
Federal Reserve Chairman Jerome Powell testifies before the Senate Banking Committee on Capitol Hill in Washington,Tuesday,
Continued on Page 2 Dec. 1, 2020, during a hearing on, 'The Quarterly CARES Act Report to Congress.'
Associated Press