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1:57Now PlayingHere's how the federal interest rate can help save the economy during a recession | Just The FAQs
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1:57Now PlayingThe Federal Reserve has lowered interest rates over the past few months. Here's how their actions affect you.
RELATEDHow COVID19 is disproportionately affecting people of color than white Americans
As COVID-19 surges across much of the country and many states pause or roll back plans to reopen their economies, the Federal Reserve is renewing its promise to help bolster the wavering recovery.
Although noting the economy has “picked up somewhat,” the Fed on Wednesday kept its key short-term interest rate near zero and repeated its vow to use “its full range of tools to support the economy in this challenging time.”
Citing infection surges in many states that have forced them to roll back business reopenings, Fed Chair Jerome Powell said data show credit card spending falling and employment faltering in recent weeks.
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