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Stock photo: Jerome Powell

Today, the Federal Reserve left interest rates near zero and signaled it would hold them there through at least 2023 to help the U.S. economy recover from the coronavirus pandemic.

The Federal Open Market Committee (FOMC) “expects to maintain an accommodative stance of monetary policy” until it achieves inflation averaging 2 percent over time and longer-term inflation expectations remain well-anchored at 2 percent, the central bank said in a statement following a two-day policy meeting.

The statement reflects the central bank’s new long-term policy framework, in which officials will allow inflation to overshoot their 2 percent target after periods of underperformance. That shift was announced by Chairman Jerome Powell last month at the central bank’s annual Jackson Hole policy conference.

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