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Fed keeps key rate near zero, sees inflation as 'transitory'
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WASHINGTON – The Federal Reserve is keeping its ultra-low interest rate policies in place, a sign that it wants to see more evidence of a strengthening economic recovery before it would consider easing its support.
In a statement Wednesday, the Fed said the economy and job market have “strengthened,” and while inflation has risen, Fed policymakers ascribed the increase to temporary factors.
The Fed left its benchmark short-term rate near zero, where it's been since the pandemic erupted nearly a year ago, to help keep loan rates down to encourage borrowing and spending.
It also said in a statement after its latest policy meeting that it would keep buying $120 billion in bonds each month to try to keep longer-term borrowing rates low.
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