Fed stays the course as pandemic constrains growth
The central bank will continue to buy US$120 billion in Treasury and mortgage bonds each month
- July 29, 2020 July 29, 2020
- 14:29
The central bank will continue to buy US$120 billion in Treasury and mortgage bonds each month
Support will now also be offered to non-profits and endowments
Still, the central bank did purchase US$1.3 billion in corporate bonds in late June
It could be the shortest and deepest on record
It fell to 13.3% from 14.7% in April, but is still high
It's designed for medium-sized companies that don't qualify for other aid
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