In a fast-changing global pandemic, this was not the turn U.S. Federal Reserve officials hoped for in early June, when their forecasts showed guarded optimism for a sharpish early economic rebound and steady slow growth to follow.
FILE PHOTO: Federal Reserve Chairman Jerome Powell, wearing a face mask, testifies before the House of Representatives Financial Services Committee during a hearing on oversight of the Treasury Department and Federal Reserve response to the outbreak of the coronavirus disease , on Capitol Hill in Washington, U.S., June 30, 2020. Tasos Katopodis/Pool via REUTERSThe coronavirus pandemic has intensified and prompted new economic restrictions.
The policy statement will be released at 2 pm EDT and Fed chair Jerome Powell is scheduled to hold a press conference a half hour later. No new economic projections will be issued at this meeting. But with a dozen new programs rolled out since March to fight the economic fallout from the pandemic, the Fed is now watching to see how the economy and events evolve.
The official jobless rate fell from 14.7% in April to 11.1% in June, for example, but a survey by the Dallas Federal Reserve since then, as well as a new employment forecast by the St. Louis Federal Reserve, both suggest employment dipped this month. Last week new claims for unemployment insurance rose for the first time since March.
The unemployment benefits are currently being received by around 30 million people, pumping $18 billion of disposable income into the economy each week. Along with the $520 billion loaned to small businesses under the Paycheck Protection Program, many firms and families were able to sustain spending, make rent and mortgage payments, and hold off what would have been a far worse economic shock
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