The Federal Reserve expects to keep interest rates near zero until at least 2023 to help reinvigorate the coronavirus-stricken economy, the central bank announced Wednesday.
The widely anticipated decision is in line with the Fed's recent policy shift. The central bank has said it plans to keep rates near zero for the foreseeable future as it tries to boost inflation above 2% in a bid to prop up the labor market. The Fed's benchmark rate target is currently set between zero and 0.25%.
In considering rate changes, the Fed said it will "take into account a wide range of information, including readings on public health, labor market conditions, inflation pressures and inflation expectations, and financial and international developments."
Federal Reserve Chairman Jerome Powell is set to speak in a virtual news conference at 2:30 p.m. Eastern time, when he is expected to address the state of the economy.
New data released Wednesday morning indicate that the economy continues to improve, but that the pace of recovery has slowed. Some 29 million Americans are receiving some form of unemployment assistance, and the U.S. has 11 million fewer jobs today than it did in February.
This is a developing story.