The Fed noted indicators of economic activity and employment had turned up recently, although the sectors most adversely affected by the pandemic remained weak. In addition to that, committee members agreed that the ongoing public health crisis continued to weigh on economic activity, employment and inflation, and was posing considerable risks to the economic outlook.
The Fed reiterated its commitment to using its full range of tools to support the country's economy, thereby promoting its maximum employment and price stability goals. Lastly, committee members agreed they would continue to monitor the implications of incoming information for the economic outlook and be prepared to adjust the stance of monetary policy as appropriate.
Member of the Federal Reserve Board of Governors, Lael Brainard, shared on Wednesday that the United States economic outlook has brightened considerably. Brainard warned that it would take "some time" to reach the targeted employment and inflation goals, with the timeframe depending on gaining control over the coronavirus pandemic.
Brainard noted that she considers the financial conditions are currently "very accommodative and supportive," and go in favour of the country's recovery from the coronavirus crisis.