The semi-annual policy report predicts slow recovery.
The Federal Reserve released its semi-annual report to Congress this past Friday. Chairman Jerome Powell is scheduled to present the report in a congressional hearing scheduled for Tuesday and Wednesday. As expected, due to the coronavirus epidemic, the Federal Reserve is projecting a slow economic recovery.
Chairman Powell said that the national bank has multiple proposed policies to help Americans through this “tremendous human and economic hardship.” The most prominent move was to set a record low interest rate of zero to 0.25%. After nearly 20 million jobs were dashed over the course of a few months, the Federal Reserve hopes to aid in building up the plunging employment rate by keeping their interest rates low potentially into the year 2022.
As the Lord Leads, Pray with Us…
- For Federal Reserve Chairman Jerome Powell as he speaks before Congress next week.
- That Chairman Powell and the U.S. Congress would work together to benefit the United States Economy.
- For President Trump as he works with the Federal Reserve to aid in economic recovery.
Sources: AP News, CNN, Washington Times
