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Jerome powell announced that Interest Rates will remain near zero for the foreseeable future in order to support Economic Growth following the coronavirus pandemic. This is conference runs one hour. Good afternoon, everyone. Thank you for joining us. Hour. Our country continues to face a difficult and challenging time as a pandemic is causing tremendous hardship in the United States and around the world. People have lost loved ones and many millions have lost their jobs and there is great uncertainty about the future. At the Federal Reserve, we are strongly committed to using our tools to do whatever we can and for as long as it takes to provide some relief instability to ensure the recovery will be a strong as possible and to limit lasting damage to the economy. T ....
Were going to go back to steve as soon as we sort out the audio. The main information, 100 was the vote in favor of this decision as steve was just beginning to say, theysh no plans to raise Interest Rates through 2022, and said theyre committed to providing more support following shutdowns to contain the coronavirus. The dow is still down about 150 points we still have the tenyear treasury yield kind of drifting toward the lows of the session before the decision hit. Steve, let me bring you back in here im sorry. Well go back to steve in a moment were running through the tenyear troishry yield. Now just a mare john, is there more you would like to hear sorting through the statement . It looks like they have made a statement about continuing bond purchases at current levels i think thats a pretty big deal they had been tapering bond purchases, and i think what theyre signaling today is theyre not going to continue to taper that i ....
This year at 9. 3 . Then recovering next year to five or 6. 5 in 2021. Now pce inflation under 1 . Longterm federal funds rate again, they see it at 2 1 2 , getting back to that. But again no raise in rates for the next two years. Now in the statement, theyre very interesting language. They put in financial conditions have improved in part reflecting policy measures to support the economy and the flow of credit to u. S. Households and businesses. They have had weaker demand it says on, as well as oil prices have kept inflation historically low. Federal reserve is committed they say to use the full range of tools to support the economy. This was a unanimous decision but again, charles, holding the federal funds rate where it is at least through 2022 is their projections. Back to you. Charles edward, thank you very much, my friend. Hopefully well come back to you for some Additional Information but right now i would like to ....