Fed holds policy steady as US Presidential election hangs in balance

The Federal Reserve kept its loose monetary policy intact on Thursday and pledged again to do whatever it can in coming months to sustain a US economic recovery threatened by a spreading coronavirus pandemic and facing uncertainty over a still undecided presidential election.

Results from Tuesday's presidential vote were still being tabulated in a few key states, though Democratic nominee Joe Biden was near the number of electoral votes needed to win the White House.

The US central bank did not speak about the election in a policy statement released after its latest two-day meeting, but Fed Chair Jerome Powell is likely