The Federal Reserve said Wednesday the coronavirus pandemic has already caused “tremendous” health and economic hardship, and warned the damage to the US economy will continue.
The crisis “will weigh heavily on economic activity, employment and inflation in the near term, and poses considerable risks to the economic outlook over the medium term,” the policy-setting Federal Open Market Committee (FOMC) said at the conclusion of its two-day meeting.
The central bank kept the benchmark interest rate at zero, and said it will remain there until the economy has weathered the crisis and is ready to resume growth.
