Economic recovery from the coronavirus pandemic may come faster than initially expected, the Federal Reserve said Wednesday after its monetary policymaking meeting.The Federal Open Market Committee voted to keep its benchmark interest rate unchanged, at a range of 0 to 0.25 percentage points, a level it expects to maintain until at least 2023 to help the economy add jobs for as long as possible.The Fed projects that unemployment will fall to 7.6 percent by the end of the year and to just 4 percent by 2023. Pre-pandemic, the jobless rate was at a 50-year low of 3.5 percent.However, some areas of the economy will struggle significantly “until we get a vaccine that is in wide use and closely trusted,” Fed Chairman Jerome Powell said at a news conference Wednesday afternoon.Full coverage of the coronavirus outbreakPowell stressed the importance of wearing masks in public, saying: “All of us have a role to play in our nation’s response to the pandemic. Following the advice of the public health professionals, to keep appropriate social distances and to wear masks in public, will help get the economy back to full strength.”We’re learning to live with Covid, which still spreads,” Powell said.Even without a vaccine,


Continue To Full Article