The Fed's Promise and Vaccine Progress Boost Stocks

The official statement released immediately following today’s FOMC meeting showed Fed officials made no further changes to monetary policy, but acknowledged “the virus and the measures taken to protect public health are inducing sharp declines in economic activity and a surge in job losses.” In response, the FOMC is “committed to using its full range of tools to support the U.S. economy in this challenging time.” The stock market reacted favorably to the Fed’s sympathetic words. In the press conference that followed, Chairman Jay Powell doubled down on his intent to use the Fed’s full powers, saying “the Fed won’t run out of money” for its lending programs.

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