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The US economy is heading for its steepest decline on record because of the Covid-19 pandemic, according to the Federal Reserve. America's central bank said it would likely keep interest rates "near zero" until at least the end of 2022 in order to support a recovery. Despite a better-than-expected unemployment report, Fed Chief Jerome Powell said he expects millions of Americans to remain out of work for a significant period of time. Powell also weighed in on the protests that have swept the country, saying "racism has no place in our society" and addressing issues of economic inequality.
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