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Even as economy heats up, Fed to stick with near-zero rates
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WASHINGTON – Hiring is accelerating as Americans increasingly venture out to shop, eat at restaurants and travel, and inflation pressures are even picking up after lying dormant for years.
Yet this week, the Federal Reserve is all but sure to reiterate its commitment to ultra-low interest rates. At a news conference Wednesday after the Fed's latest policy meeting ends, Chair Jerome Powell will likely underscore his view that the economy is far from fully recovered and needs the central bank’s continued support in the form of low borrowing costs.
There are still 8 million fewer jobs than there were before the pandemic struck. And the unemployment rate, at 6%, though well below where it was a year ago, remains elevated.
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