Recession could be prolonged: Fed
But don't expect rates to go to zero, says the Federal Reserve chair
- May 13, 2020 May 13, 2020
- 11:31
But don't expect rates to go to zero, says the Federal Reserve chair
Unemployment spiked to 14.7% as the economy shed 20.5 million jobs in April
The program initially allowed only 10 cities and 16 counties to participate
Roughly 22 million American workers seek benefits since the virus outbreak
The job losses are the largest and fastest in records dating to 1948
The program lets foreign central banks convert Treasuries to cash without having to sell them
Some economists say the nation's unemployment rate could approach 13% by May
The central bank says it will buy as much government debt as it deems necessary
The consumer price index ticked up 0.1% last month
The U.S. added 273,000 jobs last month