U.S. Federal Reserve leaves interest rates near zero

World Today

FILE PHOTO: Federal Reserve Chairman Jerome Powell, wearing a face mask, testifies before the House of Representatives Financial Services Committee during a hearing on oversight of the Treasury Department and Federal Reserve response to the outbreak of the coronavirus disease (COVID-19), on Capitol Hill in Washington, U.S., June 30, 2020. Tasos Katopodis/Pool via REUTERS/File Photo

The U.S. Federal Reserve said economic activity in the country is still “well below” pre-coronavirus pandemic levels.

The chair of the Federal Reserve once again pledged to do whatever he can to support the U.S. economy, as the country records well over 50,000 new coronavirus cases on a daily basis.

But on Wednesday, Powell announced that interest rates will remain unchanged at near-zero levels for now.