The Federal Reserve decided to hold interest rates near zero during its Nov. 5 meeting. The central bank characterized the economy as growing but still not near pre-pandemic levels.
As markets expected, the Fed kept its benchmark interest rates between 0%-0.25%. This is the range that short-term borrowing rates have remained at since an emergency cut early in the pandemic.
However, Chairman Jerome Powell noted that the Fed still can help the economy recovery.
“Is monetary policy out of power or out of ammunition? The answer to that is no, I don’t think that,” Powell said during his post-meeting news conference. “I think that we’re strongly committed to using these powerful tools that we have to support the economy during this difficult time for as long as needed and no one shou…