Federal Reserve to keep rate at zero amid coronavirus pandemic damage

With the economy still reeling from the damage inflicted by the coronavirus pandemic, the Federal Reserve confirmed on Wednesday it will keep the benchmark interest rate at zero until the recovery is under way.At the conclusion of its two-day meeting, members of the Fed’s policy-setting Federal Open Markets Committee (FOMC) released economic projections showing they expect the economy to contract by 6.5 per cent this year, while unemployment falls to 9.3 per cent from its current 13.3 per cent…

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