The US central bank has reveals the country’s economy is making progress due to widespread vaccinations.

The bank made the announcement following the end of its two-day meeting which came amid concerns that rising prices could prompt the Fed to push up interest rates, increasing the cost of borrowing for businesses and consumers.

The Federal Reserve kept interest rates near zero on hold, stating that inflation largely reflected factors that would pass in time.

The central bank has said it will continue to monitor economic progress before easing pandemic support.

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