The June 9-10 FOMC meeting statement provided a very dovish perspective on the economy. It reinforced the severe damage from Covid-19 to both economic activity and the labor market.
Key points
- The statement maintained the perspective that the pandemic will weigh heavily on economic performance in the short-term and exert downside risks in the medium term
- The Fed committed to maintain its Large Scale Asset Purchases at least at the current pace
- The Fed reiterated that it is “committed to using its full range of tools to support the U.S. economy in this challenging time”
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