The U.S. central bank slashed its benchmark interest rate to nearly zero in March at the onset of the coronavirus pandemic and ramped up crisis-era bond-buying programs to pump liquidity into the financial system and keep a lid on longer-term interest rates.
Officials have signaled they will probably hold rates near zero at least through 2023.
The Fed meeting came as lawmakers on Capitol Hill hammered out an agreement on fresh fiscal aid after months of deadlock, with President Donald Trump signing a bill containing $900 billion in pandemic relief following Christmas.
The deal included $600 relief payments to many Americans which the president -- and his Democratic opponents -- criticized for being too small, while Republicans in Trump’s own party baulked at cutting bigger checks.
This article was provided by Bloomberg News.