Economy

The speed and consistency of the economic recovery will depend on political stability and continued vaccination progress.

"The job is not done. ... We've got to get the pandemic under control so the U.S. economy can reopen," Powell said.

The economy is 'already dead,' and another round of stimulus won't revive it, according to the "contrarian's contrarian."

The pause for foreclosures and for applications for mortgage payment forbearance runs through June 30.

A surge in consumer spending, due to pent-up demand during the pandemic, is expected to give the economy a significant bump later this year.

"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 FOMC said.