(Photo: AP)
Federal Reserve officials left their benchmark interest rate unchanged as they flagged a moderating U.S. recovery and reiterated a pledge to use all available tools to support the economy during the coronavirus pandemic. They unanimously voted to keep the federal funds target rate in a range of zero to 0.25 percent, where it's been since March.
The central bank's policymaking body also repeated that it would maintain its bond-buying program at the current pace of $120 billion of purchases per month until "substantial further progress" toward its employment and inflation goals has been made. It made no changes to the composition of purchases.
"The pace of the recovery in economic activity and employment has moderated in recent months, with weakness concentrated in the sectors most adversely affected by the pandemic," the Federal Open Market Committee (FOMC) said in its statement Wednesday.
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