Fed says interest rates to remain low as recovery lags

The Federal Reserve will maintain low interest rates and carry on buying Treasury and mortgage bonds to help sustain the US economy while the pace of growth continues to lag, Chairman Jerome Powell said. “We’re a long way from full recovery,” Powell said, adding that getting people vaccinated against COVID-19 is the most important step toward recovery, The Associated Press reports. In a recent statement, the Fed noted growth has slowed in sectors that involve public contact, including hotels and restaurants.