Fed Holds Interest Rates Steady and Maintains Asset Purchases (Update)

"Economic and Employment Recovery Pace Slows Down"

[Image source=EPA Yonhap News]

[Asia Economy New York=Correspondent Baek Jong-min] The U.S. central bank, the Federal Reserve (Fed), has decided to maintain the benchmark interest rate at zero level. It also continued asset purchases amounting to $120 billion per month.

On the 27th (local time), the Fed announced after the Federal Open Market Committee (FOMC) meeting that it would keep the benchmark interest rate at 0.00-0.25%.

The Fed stated, "In recent months, the pace of economic activity and employment recovery has slowed," adding, "The sectors most affected by the pandemic have been particularly weak."