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The Federal Reserve is holding its benchmark short-term interest rate near zero in an effort to offset the crushing economic impact of the coronavirus. The U.S. central bank said Wednesday it would keep rates low until there are “signs the economy has recovered from coronavirus and shutdown.”

In a press conference following the policy decision, Fed Chairman Jay Powell said he expects an “unprecedented” drop in economic activity over the next few months. He also hinted at the need for more government stimulus.

Read the rest of the story at CBS News.