Jul 28, 2020 - Economy & Business

Fed extends economic support programs through December

Fed chairman Jerome Powell behind a plexiglass barrier during a Congressional testimony in June

Fed chair Jerome Powell testifying before Congress on June 30. Photo: Bill O'Leary/AFP via Getty Images

The Federal Reserve is extending the emergency lending programs it launched in response to the economic crisis caused by the coronavirus to the end of the year.

Why it matters: The Fed's programs were originally set to expire in September, but the central bank is now signaling that the economy will need its support for a longer period than anticipated. Congress, too, is facing looming deadlines for programs like extra unemployment benefits set to expire in coming days, when lawmakers initially hoped the coronavirus would have run its course.

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