Fed to keep providing aid and sees no rate hike through 2022

ABCNews.com

Stock prices rallied modestly on the news after having been mainly lower before the Fed issued its latest policy statement at 2 p.m. Eastern time. At a virtual news conference Wednesday afternoon, Chairman Jerome Powell is expected to drive home the message that the economy remains in need of extraordinary help despite recent despite glimmers of a possible recovery, including a government report Friday that employers surprisingly added jobs in May.

Many economists say those steps have prevented the downturn from worsening, by keeping credit flowing. This week, the National Bureau of Economic Research, the official arbiter of recessions, declared that the U.S. economy entered a recession in February. For now, Fed officials likely feel little pressure to act further because few investors expect them to make any changes to their benchmark rate anytime soon. Though the Fed could technically cut rates into negative territory, Powell has largely rejected negative rates as an option.

Deep recession and high unemployment mean nothing anymore? Look at the stock market and see who's benefiting from this. Certainly not the people who need it most. Apparently the misdirection of the Trump administration now has everyone looking away from this thievery.

So the Fed’s got billions & trillions of dollars to endlessly bail out the stock market, but they can’t help the American people beyond that sorry-ass $1200 they gave us. Gross 🤮 ShitHoleCountry

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