Fed pledges to keep rates near zero, says recovery will depend on Covid-19

The Federal Reserve also said it is open to use its 'full range of tools' to recover from the fallout from the coronavirus outbreak

The Federal Reserve on Wednesday repeated a pledge to use its "full range of tools" to support the US economy and keep interest rates near zero for as long as it takes to recover from the fallout from the coronavirus outbreak, saying the path of the economy will depend significantly on the course of the virus.

"Following sharp declines, economic activity and employment have picked up somewhat in recent months but remain well below their levels at the beginning of the year," US central bank policymakers said in a statement issued at the end of their latest two-day meeting, which