Federal Reserve Holds Interest Rates Near Zero Amid Moderate Recovery: Powell

The Federal Reserve pledged on Wednesday to keep its low interest rate policies in place even well after the economy has sustained a recovery from the viral pandemic.

The Fed said in a statement after its latest policy meeting that the improvement in the economy and job market has slowed in recent months, particularly in affected industries.

Fed officials kept their benchmark short-term rate pegged near zero and said they would keep buying Treasury and mortgage bonds to restrain longer-term borrowing rates and support the economy.

The policymakers also warned that the virus poses risks to the economy and removed phrases from their previous statement that had said the pandemic was weighing on the economy in the "near term" and that it posed risks "over the medium term."

The removal of these phrases suggests that Fed officials aren't sure how long the uncertainty will last.

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