Fed holds interest rates steady near zero, says economy is still well below pre-pandemic levels

The Federal Reserve held short-term borrowing rates near zero in a decision Thursday that characterized the economy as growing but not near where it was before the coronavirus pandemic hit. As markets widely expected, the Fed kept its benchmark interest rate anchored in a range between 0%-0.25%, where it has been since an emergency cut seven months ago in the early days of the coronavirus pandemic. …The Fed’s decision to hold steady comes amid concerns over the direction of the economy as Covid-19 cases accelerate and public officials contemplate restrictions on activities that could hamper growth. As it has done multiple times before, the Fed emphasized that the growth trajectory is largely dependent on the path of the coronavirus.
Source: CNBC