Additional $2.3 trillion injected into U.S. Economy.
The Federal Reserve announced new plans on Thursday to curtail the economic impact of the global COVID-19 pandemic. New measures will be put in place to insert an additional $2.3 trillion into the nation’s economy through cutting interest rates to 0% and focused lending to small businesses, which employ over 40% of the American workforce.
Fed Chairman Jerome Powell said the nation’s central bank would use its powers “forcefully, proactively and aggressively until we are confident that we are solidly on the road to recovery.” He went on to say that there was “every reason to believe that the economic rebound when it comes, can be robust” due to the state of the economy before the start of the pandemic.
As the Lord Leads, Pray with Us…
- That God would guide Chairman Powell to the best economic plan for the nation.
- For the Fed to be effective in stabilizing the U.S. economy.
- For the White House, Congress, and Fed to work together to bring the nation through this challenging time.
Sources: AP, NPR, CNN
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