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The US Federal Reserve left its official cash rate at a range of 0 to 0.25 per cent overnight but said it sees signs of stabilisation and recovery in the US economy.
“Information received since the Federal Open Market Committee met in April suggests that the pace of economic contraction is slowing,” the Fed said.
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Financial markets had generally improved, while household spending had shown signs of further stabilisaton.
“Although economic activity is likely to remain weak for a time, the Committee continues to anticipate that policy actions to stabilize financial markets and institutions, fiscal and monetary stimulus, and market forces will contribute to a gradual resumption of sustainable economic growth in a context of price stability,” the Fed said.
The United States’ cash rate has sat at an unprecedented near zero since December last year.
