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Shortnews

Federal Reserve

Fed: Unemployment will fall to 9.3 percent by end of 2020

Federal Reserve leaders predict the U.S. unemployment will fall to 9.3 percent by the end of this year and 6.5 percent by the end of 2021, signaling confidence the economy will begin to recover in coming months from the stunning recession caused by the coronavirus outbreak. In addition to releasing new forecasts, the Fed also announced the benchmark interest rate would remain near zero and the central bank’s extensive bond buying programs will continue “at least at the current pace” for the foreseeable future. Interest rates are likely to remain near zero through at least 2022, the Fed indicated. Low interest rates make it cheaper for Americans to borrow money to buy a home or car and for businesses to take out loans. Mortgage rates fell to an all-time low at the end of May, causing a surge in home buying, even during the pandemic.