Federal Reserve: We will not withdraw monetary support despite expectations of economic recovery

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The President of the Federal Reserve Bank of Philadelphia, Patrick Harker, confirmed that the bank will not withdraw monetary support soon, despite expectations of a recovery in the US economy this year.

Harker said in statements prepared for a hypothetical event organized by the state of Delaware: “At the moment the Fed policy will remain steady, and while the economic situation improves, the recovery is still in its early stages, there is no reason to withdraw support yet.”

A member of the US Federal Reserve Board expected the GDP of the United States to grow by 5 to 6% this year, thanks to increased vaccinations and strong financial support.

The Federal Reserve had expected in its last meeting to keep the interest rate and asset purchase program unchanged until inflation and employment reached the target.







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