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Fed pledges to keep up massive bond purchases ‘until substantial further progress’

By Jay Heflin
Published December 16, 2020 7:00pm ET
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Fed pledges to keep up massive bond purchases ‘until substantial further progress’
Federal Reserve Chairman Jerome Powell attends a meeting of the Federal Reserve Board to discuss proposed rules to modify the enhanced prudential standard framework for large banking organizations, Wednesday, Oct. 31, 2018, at the Marriner S. Eccles Federal Reserve Board Building in Washington. | (AP Photo/Jacquelyn Martin)

The Federal Reserve said Wednesday that it would keep its target for short-term interest rates near zero.

The central bank had pledged in September to maintain interest rates between 0% and 0.25% until inflation rose to 2% and employment improved, which it saw then as a matter of years.

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