Amidst the electoral uncertainty and a new surge in coronavirus cases, the Federal Reserve has maintained its interest rate at a record low of nearly 0%.
Jerome Powell, head of the Federal Reserve of the United States said that a complete economic recovery is not possible unless people get confident about normalcy. He also emphasized that all US citizens must play their part in the fight against the coronavirus by wearing masks and following the physical distancing protocols.
So far, the US has reported more than 96,00,000 cases of coronavirus, and more than 1.2 million people have died. America stands at the top of the Corona statistics. In a press conference, the chairman of the Federal Reserve said, “Until people are confident that it is entirely safe to engage in regular date to day activities, a complete economic recovery is not possible.
He said that the decision of the Federal Reserve regarding the economic crisis emphasizes on maintaining the stability of the financial system. It also aims to promote maximum employment and stabilization of prices for Americans.
The coronavirus pandemic has left a significant impact on the economy of the United States. However, Powell assured that economic activities in the country are continuing to improve.