The Federal Reserve left interest rates unchanged near zero in its monetary policy update Wednesday, and it once again reiterated that the economic recovery will depend on the path of the virus.
"The ongoing public health crisis will weigh heavily on economic activity, employment, and inflation in the near term, and poses considerable risks to the economic outlook over the medium term," the central bank said in a statement.
Even though the economy was beginning to rebound after grinding to a halt during the pandemic lockdown in the spring, the level of economic activity was still well below the levels from the start of the year, the Fed said.
Federal Reserve Chairman Jerome Powell will hold a press conference at 2:30 p.m. ET.