The Federal Reserve kept the policy rate unchanged with unanimous vote, while also maintaining the current rate of bond purchasing program. The ongoing purchases consist of $ 80 billion in Treasuries and $ 40 billion in Securities every month. Officials also see that the current benchmark rate, which is near zero, to remain at that level until the end of 2022.
The central bank also projects the economy to fall by 6,5% in 2020 and unemployment rate to be 9,3% at the end of the year. The unemployment rate is expected to be better in 2021 at a level of 6,5% with further improvement to 5,5% in 2022.