Biden's stimulus plan went beyond what the Fed expected
- President Biden's stimulus plan was "considerably larger" than the
Fedexpected, FOMCminutes showed.
- Members also emphasized it will "likely be some time" before the Fed considers policy changes.
- The $1.9 trillion measure, along with vaccination and reopening, boosted the Fed's growth outlook.
The American Rescue Plan passed by President Joe Biden last month was larger than
Committee members rolled out a more optimistic outlook for the US
The Fed elected to hold interest rates near zero and maintain its pace of asset purchases in March. While the central bank's updated outlook hints at the strongest growth since the 1970s, it's still "not yet" time to consider tightening monetary conditions, Fed Chair
The minutes published Wednesday shed more light on the Fed's plan to maintain its ultra-easy monetary policy stance. Meeting participants noted "it would likely be some time until substantial further progress" toward the Fed's maximum-employment and above-2% inflation targets would be met, according to the minutes. Powell has repeatedly cited "substantial further progress" as the threshold for when officials might consider shrinking its asset purchases.Those fearing an unexpected pullback in Fed support can find solace in the FOMC minutes. Several meeting participants emphasized the importance of giving
"The big message from the
- If 2015 was the ‘Year of the API’, why is there a Remdesivir shortage six years later?
- Hero MotoCorp, Nestle India, HDFC and other top stocks to watch out for on April 22
- Revolut starts India operations, appoints former Lendingkart, Flipkart executive Paroma Chatterjee as CEO
- Top 10 longest sixes in IPL matches from 2008 to till date
- OPINION: Regulation of games of skill under a central legislative regime is the need of the hour