U.S. consumers lifted their spending in May and June but businesses remained cautious because of the tremendous uncertainty surrounding the economic outlook, Federal Reserve officials said at a policy meeting last month.
The Federal Reserve signaled Wednesday that it will keep its key short-term interest rate near zero for the foreseeable future as part of its extraordinary efforts to bolster an economy that is sinking into its worst crisis since the 1930s
The Federal Open Market Committee this morning cut the benchmark federal funds rate by half a percentage point in response to concerns the coronavirus outbreak could slow global markets.
Federal Reserve Bank of Boston President Eric Rosengren said he didn’t think the rate cut was necessary, and released four charts to explain his position.
A sharply divided Federal Reserve cut its benchmark interest rate Wednesday for a second time this year but declined to signal that further rate cuts are likely this year.
