Fed minutes show uncertainty over US economic outlook

Economies.com
2020-07-01 18:26PM UTC

The US Federal Reserve released minutes from its last meeting, during which it kept the interest rate unchanged at 0.25%.

 

The Fed also estimated the US GDP to shrink 6.5% in 2020, but projected a growth by 5% in 2021, and 3.5% growth in 2022.

 

Most members of the Fed stressed that there is still an extraordinary amount of uncertainty and increasing risks to the economic outlook amid the coronavirus crisis.

 

The minutes also showed that the Fed sees the US economy needs more fiscal support from the Congress, despite the trillions of dollars in aid programs to  provided for households and businesses.

 

Members of the FOMC hinted that the future monetary policy decisions should be tied to the inflation rate, while just two members thought it should be linked to unemployment.

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