Fed Board Warns of Virus Risks, Leaves Policy Unchanged

The Federal Open Market Committee (FOMC) concluded its meeting November 5th. Given that the United States election has yet to be fully tallied as we went to press, interest in the Fed announcement was a bit muted compared to usual. In an address to the media, Chairman Jay Powell acknowledged some impressive strength in recent economic numbers, notably in housing, but he mostly stressed the severe threat that the virus poses to the continued economic recovery.

He said that the pace of economi...

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