Fed officials also projected that the US economy is expected to contract by 6.5% in 2020 due to the negative impacts generated by the new coronavirus pandemic.
However, the central bank predicts that the US Gross Domestic Product (GDP) will grow 5% in 2021, followed by a 3.5% expansion in 2022.
The Fed hopes to maintain the woods until it is sure that the country’s economy has withstood events influenced by the covid-19. In addition, the central bank said that “it is on track to achieve its maximum employment and price stability targets”.
Photo: Andrew Harnik