Interest rates held steady, economic growth is ‘well below’ pre-pandemic level

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The Federal Reserve held interest rates steady in a decision announced Wednesday that came along with a tepid outlook on the coronavirus-plagued economy.

In a decision widely expected, the central bank kept its benchmark overnight lending rate anchored near zero, where it has been since March 15 in the early days of the pandemic.

Along with keeping rates low, the Federal Open Market Committee, which sets monetary policy, expressed its commitment to maintain its bond purchases and the array of lending and liquidity programs also associated with the virus response.

The post-meeting statement labeled the current state of growth as

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Fed’s Mester says economic growth ‘leveling off,’ sees more help needed

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Cleveland Federal Reserve President Loretta Mester said activity is slowing in her region due to rising coronavirus cases, and she sees more policy help necessary to help the economy through the pandemic.

Speaking to CNBC in a live interview Tuesday, the central bank official echoed comments from her Atlanta counterpart, Raphael Bostic, who also said he sees a rougher road to recovery.

“I think we’re seeing the same thing,” Mester said on “Closing Bell.” “We saw a reopening in May and activity starting to come back pretty well. Over the past week or so, there’s been some leveling off, and

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Raphael Bostic, the Fed’s first Black branch president, says racism has economic impacts

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President and Chief Executive Officer of the Federal Reserve Bank of Atlanta Raphael W. Bostic speaks at a European Financial Forum event in Dublin, Ireland February 13, 2019.

Clodagh Kilcoyne | Reuters

The Federal Reserve has a role to play in ending systemic racism, in the view of the central bank’s first Black regional president.

In an essay on the site of the Atlanta Fed, where Raphael Bostic presides, he said the organization has multiple ways it can help in the battle for equality.

“I believe the Federal Reserve Bank of Atlanta, and the Federal Reserve more generally, can

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Accurate economic research group using math derived from skull measurements sees slower recovery

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People walk along Broadway as the coronavirus keeps financial markets and businesses mostly closed on May 08, 2020 in New York City. The Bureau of Labor Statistics announced on Friday that the US economy lost 20.5 million jobs in April. This is the largest decline in jobs since the government began tracking the data in 1939. (Photo by Spencer Platt/Getty Images)

Spencer Platt

The latest projections from economists for the shape of the recovery have quickly turned into an alphabet soup (V, U, W?), and the rising uncertainty about a coronavirus resurgence is making the task even harder. 

One research

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