The daily business briefing: January 28, 2021

The Fed vows to keep interest rates near zero through coronavirus recovery, Biden signs sweeping climate orders, and more

Jerome Powell in Washington
(Image credit: GREG NASH/POOL/AFP via Getty Images)

1. Fed vows to keep interest rates low through coronavirus recovery

Federal Reserve policy makers on Wednesday vowed to keep interest rates near zero to boost the economy even after it recovers from damage from the coronavirus pandemic. The Fed also said it planned to continue buying Treasury and mortgage bonds to pump more money into the economy. The U.S. central bank's leaders said at the end of their two-day policy meeting that the improvement in the economy and job market had slowed in recent months as COVID-19 cases surged. Fed Chair Jerome Powell said the recovery largely hinges on getting Americans vaccinated quickly so that bars, restaurants, and other businesses can get back on track. "We have not won this yet," Powell said. "We need to stay focused on it as a country and get there."

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Harold Maass, The Week US

Harold Maass is a contributing editor at The Week. He has been writing for The Week since the 2001 debut of the U.S. print edition and served as editor of TheWeek.com when it launched in 2008. Harold started his career as a newspaper reporter in South Florida and Haiti. He has previously worked for a variety of news outlets, including The Miami Herald, ABC News and Fox News, and for several years wrote a daily roundup of financial news for The Week and Yahoo Finance.