Tashkent, Uzbekistan (UzDaily.com) -- According to the minutes of the December meeting of the US Federal Reserve System /FRS/ on monetary policy, published on Wednesday, Fed officials believe that the trend of the US economic recovery is developing better than previously expected, but recently it is slowing down and overall growth is still much lower than it was before the outbreak of the novel coronavirus /COVID-19/, Xinhua reported.

According to Fed officials, US GDP continued to recover in the fourth quarter of 2020, but the overall pace of recovery has slowed and the level of GDP is still much lower than before the outbreak of the pandemic. As the epidemic deteriorates across the country, US economic growth is expected to further slow down in the coming months.

On 15-16 December 2020, the FRS held a meeting on monetary policy, at which it was announced that the target range for the federal funds rate would remain at the level of 0-0.25 percent. The Fed also raised its forecast for US economic growth in 2020 to minus 2.4 percent. and lowered the unemployment rate to 6.7 percent.