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6/17, 8:38 PM (Source: TeleTrader)
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Fed not thinking of raising rates - Powell

The United States Federal Reserve plans to "keep the foot on the gas" until it is certain the country's economy is on the right way to recovery, the head of the central bank Jerome Powell stated on Wednesday.

"We're thinking that this economy is going to need support from the monetary policy for an extended period of time," the official said, asserting that besides interest rates, the Fed will provide support through asset purchases and lending.

The US economic shock is without precedent and the recession may be the deepest ever, Powell warned.

Breaking the News / MD