US: Federal Reserve keeps interest rate unchanged

The Federal Reserve kept its benchmark rate of interest unchanged at 0.25% Wednesday, but said US economic recovery will rely on the course of the novel coronavirus.

Stressing that the COVID-19 pandemic is causing "tremendous human and economic hardship" across the US and round the world, the Fed said economic activity and employment have picked up in recent months but remain below levels at the start of 2020.

"Weaker demand and significantly lower oil prices are holding down consumer price inflation. Overall financial conditions have improved in recent months, partly reflecting policy measures to support t