“The three-month extension … will provide assurance that facilities will continue to be available to help the economy recover,” the Fed said, calling the programs “critical support.”
Fed President Jerome Powell has said over and over that more action by both the central bank and Congress will be necessary to lift the economy out of this crisis.
Economic data has improved since the worst effect of the blockade, and the stock market has rebounded to near record levels. Still, many economists believe the recovery is fragile.
Until then, more data is available in a busy week for key economic events: The Fed’s two-day monetary policy meeting will begin on Tuesday, culminating in its monetary policy update at 2 p.m. ET on Wednesday, followed by a press conference with President Jerome Powell at 2:30 pm ET.
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