Fed Projects Economy Will Shrink By 6.5 Percent In 2020

FILE - This Oct. 9, 2011 file photo shows 55 Water Street, home of Standard & Poor's, in New York. Standard & Poor's Ratings Services upgraded its outlook Monday, June 10, 2013, for the U.S. government's long-term debt. S&P cited the government's strengthened finances, a recovering U.S. economy and some easing of Washington's political gridlock. (AP Photo/Henny Ray Abrams, File)
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The Federal Reserve on Wednesday projected that the U.S. economy will contract by 6.5 percent this year but rebound next year as the nation continues to battle the coronavirus pandemic.

The central bank expects to keep an extraordinary level of support for the economy in place for years, estimating that interest rates will stay near zero at least through the end of 2022.

According to the Fed’s forecasts, the U.S. economy will grow at 5 percent next year and 3.5 percent the year after.

Read more at POLITICO.



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