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The Federal Reserve (Fed) left its cash rate at 0-0.25 per cent at its monetary policy meeting yesterday but indicated that the pace of economic contraction was beginning to slow.
“Information received since the Federal Open Market Committee (FOMC) [the Fed’s monetary policy committee] met in March indicates that the economy has continued to contract, though the pace of contraction appears to be somewhat slower,” a FOMC statement read.
The cash rate was likely to remain exceptionally low for some time, the Fed said, but policy actions taken by itself and the government would “contribute to a gradual resumption of sustainable economic growth”.
The statement reflected a much more upbeat assessment of the US economy compared to the last monetary policy meeting where Fed officials announced plans to pump more than US$1 trillion into the economy.
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