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Sept. 16, 2020, 4:23 p.m. EDT

Fed signals interest rates to stay near zero through 2023 and spells out what it would take to move rates higher: live blog

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By Greg Robb, Jeffry Bartash and William Watts, MarketWatch

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Federal Reserve Chair Jerome Powell said the Fed’s new forward guidance was powerful and durable.

The Federal Reserve on Wednesday revealed its latest thinking on the U.S. economic outlook and monetary policy and Fed Chairman Jerome Powell followed with a press conference a half-hour later to amplify the message.

Stay with MarketWatch for live updates and analysis of the Fed’s announcements. The U.S. central bank will release a policy statement and an update to its economic forecast at 2 p.m. Eastern. Powell’s press conference will start at 2:30 p.m.

Economists expect the Fed will stress it will do whatever it takes to support the recovery and signal it intends to hold rates at zero until 2024 at the earliest.

It is also the first Fed meeting since the central bank formally adopted a new strategy to let inflation run hotter than its 2% target for a time to “make up” for periods of sup-par inflation. There is some concern the Fed is “fighting the last battle” and that inflation could spike in coming months.

Stocks were higher on Wednesday with the Dow Jones Industrial Average /zigman2/quotes/210598065/realtime DJIA +1.09%   up 197 points

US : Dow Jones Global
+382.20 +1.09%
Volume: 327.87M
Oct. 15, 2021 4:46p

Greg Robb is a senior reporter for MarketWatch in Washington. Follow him on Twitter @grobb2000. Jeffry Bartash is a reporter for MarketWatch in Washington. William Watts is MarketWatch's deputy markets editor, based in New York. Follow him on Twitter @wlwatts.

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