U.S. Federal Reserve leaves key interest rate unchanged

U.S. Federal Reserve leaves key interest rate unchanged

The U.S. Federal Reserve moved to hold its key interest rate steady amid what it said is "tremendous human and economic hardship across" the U.S. caused by the coronavirus pandemic.

The fed was widely expected to continue to maintain its benchmark interest rate between 0-0.25%, keeping it at Great Recession levels.

The Federal Open Market Committee statement said the rate would remain in place "until it is confident that the economy has weathered recent events and is on track to achieve its maximum employment and price stability goals."

It noted that while there have been improvements in economic activity and employment, they remain "well below" pre-pandemic levels, Anadolu Agency reported.

The decision comes as the U.S. remains in the throes of the coronavirus pandemic. Data compiled by Johns Hopkins University shows the U.S. with the worst outbreak worldwide with over 4.3 million confirmed infections and nearly 150,000 COVID-19-related fatalities.

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