US Fed dials back recovery hopes, extends lending offers through year-end

The US Federal Reserve said on Tuesday it will extend several of its lending facilities through the year-end as the central bank continues to dial back expectations on how quickly the US economy will recover from the novel coronavirus pandemic.

The extensions apply to those facilities that were due to expire on or around September 30, the Fed said in a statement.

"The three-month extension will facilitate planning by potential facility participants and provide certainty that the facilities will continue to be available to help the economy recover," the Fed said.

Hopes for a quick recovery have been dashed as