The Federal Reserve He said the expansion of the Covid-19 vaccination program helped the US economy make a solid recovery, while vowing that monetary policy would continue to provide “strong support”.
“Progress in vaccines has led to the reopening of the economy and strong economic growth supported by accommodative monetary and fiscal policy,” the central bank said yesterday in its semi-annual monetary policy report to Congress.
“However, the effects of the Covid-19 pandemic continued to affect the US economy and employment remained well below pre-pandemic levels.”
The Federal Reserve’s report, which provides lawmakers with the latest developments in economic, fiscal and monetary policy, was published on the central bank’s website ahead of the testimony of its chairman, Jerome Powell, before the House Financial Services Committee on Wednesday. , a day before the Senate Banking Committee.
The monetary policy report noted that asset purchases from the Federal Reserve and a commitment not to raise interest rates until it achieves its inflation and employment targets “will help ensure that monetary policy continues to provide strong support to the economy until the recovery is complete.”