"A premature and abrupt withdrawal of policy support should be avoided whilst the near-term outlook is still uncertain.”
Analysts estimate insurance industry losses from the hurricane will hit around $10 billion, one-tenth of the toll of Katrina.
GDP rose at an annual rate of 6.5% in Q2 but shortages of workers and supplies of crucial products could slow growth for the rest of the year.
Despite supply chain issues, "business investment is showing no signs of slowing down or a lack of confidence in continuing strength in consumer demand."
“We’re at the opening stages of what could be a very strong six to nine months for the U.S. economy as it emerges from the pandemic."
"The response of capital spending to the COVID pandemic is encouraging for the outlook for 2021."
February’s gain in the GDP component, which was in line with economists’ expectations, followed a 0.4% advance in January.
With government relief checks and the accelerating vaccine rollout, "there is finally real light at the end of the tunnel."
The central bank expects to maintain ultralow rates until “inflation has risen to 2 percent and is on track to moderately exceed 2 percent for some time.”
After the worst year for the economy since at least the end of World War II, economists are still hopeful of a faster recovery in the second half of 2021.
Retailers pushed imports of consumer goods to a record as they stocked up for the Christmas holiday season..
There is a “material risk” that setbacks in containing the pandemic could result in a much weaker recovery, the bank warns.
