US Federal Reserve Keeps Interest Rate Unchanged

The US Federal Reserve said Wednesday that it kept its benchmark interest rate unchanged between the 0.00% - 0.25% range.

"Progress on vaccinations has reduced the spread of COVID-19 in the US," it said.

The Fed removed that the virus "is causing tremendous human and economic hardship across the US and around the world," from its previous statement.

"Progress on vaccinations will likely continue to reduce the effects of the public health crisis on the economy, but risks to the economic outlook remain," was added.

The central bank reiterated that it will allow inflation to run above 2% for some time until labor market conditions improve and maximum employment is achieved.

The Fed also noted it will continue its asset purchase program to relieve the world's largest economy, in which the central bank buys at least $120 billion of bonds every month. -