The rate-setting Federal Open Market Committee held a regularly scheduled meeting in July as the coronavirus pandemic was causing one of the sharpest economic downturns the United States has seen in recent history, with tens of millions of people losing their jobs since mid-March. — Reuters pic
Congress also authorised the US$2.2 trillion CARES Act spending measure at the pandemic’s onset that included loans and grants to small businesses, extra money for unemployed people and direct payments to all Americans, measures that have been credited with blunting the pain somewhat. FOMC members “generally agreed that prospects for further substantial improvement in the labor market would depend on a broad and sustained reopening of businesses,” which would “depend in large part on the efficacy of health measures taken to limit the spread of the virus,” the minutes said.
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