Fed to keep rates low for years

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Jerome Powell, chairman of the U.S. Federal Reserve, pauses while speaking during a news conference in Washington, D.C., on Tuesday, March 3, 2020.

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Fed to keep rates low for years

The U.S. central bank kept interest rates near zero. Members of the Fed’s policymaking committee also indicated the overnight rate could stay near zero through 2023. “With inflation running persistently below this longer run goal, the Committee will aim to achieve inflation moderately above 2 percent for some time so that inflation averages 2% over time,” the Federal Open Market Committee said in a statement. Fed Chairman Jerome Powell reiterated the central bank’s approach, telling reporters in a news conference: “We expect to maintain an accommodative stance of monetary policy until these outcomes, including maximum employment, are achieved.”

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What happens next?

The latest data on weekly jobless claims is set for release Thursday. Housing starts numbers are also on the agenda.

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