Fed Leaves Rates Unchanged and Projects Years of High Unemployment 2020 06 16
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Fed policymaker projections which offer a range of individual forecasts, rather than an agreed-upon consensus view also showed a sharp overall economic hit in 2020.Output is expected to contract by 6.5 percent at the end of this year, compared with the final quarter of 2019, before rebounding by 5 percent in 2021. The Fed had skipped its quarterly economic summary in March as the pandemic gripped the United States, sowing uncertainty as business activity came to a near standstill.The central banks projections followed a series of pessimistic economic prognostications. Earlier on Wednesday, the Organization for Economic Cooperation and Development warned that the world economy faced the most severe downturn in a century and could experience a halting rebound.Extraordinary policies will be needed to walk the tightrope towards recovery, said Laurence Boone, the organizations chief economist. The group said the world economy will contract by 6 percent this year, if the virus is contained, but could shrink 7.6 percent amid a second wave of contagion. In the United States, it projected a 7.3 percent hit if the virus is contained and an 8.5 percent contraction if it isnt.The Fed has taken far-reaching steps this year to support the U.S. economy. Officials cut interest rates to near zero in back-to-back meetings in March. The central bank has been snapping up government-backed bonds to keep markets functioning normally, and has rolled out a series of emergency credit programs aimed at ensuring that businesses and state and local governments can borrow money.In addition to keeping borrowing costs low, the Fed pledged on Wednesday to continue buying government-backed debt at least at the current pace to sustain smooth market functioning, though it will closely monitor developments and is prepared to adjust those plans as appropriate.Mr. Powell has emerged as a voice of economic wariness since the pandemic took hold. He has
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