Business Standard

US Fed dials back recovery hopes, extends lending offers through year-end

The extensions apply to those facilities that were due to expire on or around September 30, the Fed said in a statement

US Federal Reserve
Premium

Hopes for a quick recovery have been dashed as the United States continues to struggle to contain the virus.

Reuters Washington
The US Federal Reserve said on Tuesday it will extend several of its lending facilities through the year-end as the central bank continues to dial back expectations on how quickly the US economy will recover from the novel coronavirus pandemic.

The extensions apply to those facilities that were due to expire on or around September 30, the Fed said in a statement.

"The three-month extension will facilitate planning by potential facility participants and provide certainty that the facilities will continue to be available to help the economy recover," the Fed said.

Hopes for a quick recovery have been dashed as

Don't miss the most important news and views of the day. Get them on our Telegram channel

First Published: Jul 28 2020 | 8:20 PM IST

Explore News

To read the full story, subscribe to BS Premium now, at just Rs 249/ month.

Key stories on business-standard.com are available only to BS Premium subscribers.

Register to read more on Business-Standard.com