Advertisement

Federal Reserve adjusts inflation target, rate unchanged

Federal Reserve adjusts inflation target, rate unchanged Photo: United States Federal Reserve

CHRISTOPHER RUGABER AP Economics Writer
Created: September 16, 2020 01:09 PM

WASHINGTON (AP) - The Federal Reserve adjusted its inflation target to seek price increases above 2% annually, a move that will likely keep interest rates low for years to come. The Fed on Wednesday also left its benchmark short-term rate unchanged at nearly zero, where it has been since the pandemic intensified in March.

Advertisement

Fed officials also indicated in a set of economic projections that they expect the rate to stay there at least through 2023.

That interest rate in turn influences borrowing costs for homebuyers, credit card users, and businesses. 

Credits

CHRISTOPHER RUGABER AP Economics Writer

Copyright 2020 The Associated Press. All rights reserved.

Advertisement
Advertisement

City of Duluth pushes for last minute Census responses

Duluth Council to decide future of Spirit Mountain

Duluth Firefighter remembers dad who died in the line of duty

Deadline to apply for CARES relief is September 28

Minnesota COVID-19 Update Sunday

Wisconsin COVID-19 Update Sunday

Advertisement
Advertisement
Advertisement