The Federal Reserve said it would keep buying at least $120bn of debt until “substantial further progress has been made” in the recovery, moving to strengthen its support for the US economy amid surging coronavirus infections.
The new guidance from the Federal Open Market Committee came at the end of a two-day meeting during which Fed officials upgraded their economic projections but still predicted that they would keep interest rates close to zero until at least the end of 2023.
The language on debt purchases mirrors the Fed’s pledge to keep interest rates close to zero until the economy reaches full employment and inflation is on track to exceed its 2 per cent target for some time.
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