Business
Fed set to keep interest rates low for years – Sydney Morning Herald
The Fed projects to keep rates low until at least 2023 but Wall Street slides lower as Jerome Powell casts doubt over the speed of the economic recovery.
In its policy statement, the Fed also began to pivot from stabilising financial markets to stimulating the economy: the Fed said it would keep its current government bond-buying at least at the current pace of $US120 billion ($164 billion) per month, but described the goal as in part to ensure “accommodative” financial conditions in the future.
US stocks added to earlier gains after the release of the Fed statement, but slid lower as Powell spoke. The Dow Jones closed 0.1 per cent higher, the S…
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