Comparison of a forest in Autumn and Winter

Federal Reserve officials said they expected growth of roughly 4.2% next year, better than previously forecast.

They forecast a fall in the unemployment rate from 6.7% to 5%.

The update comes as US medical authorities begin to distribute vaccines against Covid-19.

Federal Reserve Chair Jerome Powell warned that the coming months would be “particularly challenging,” as the US battles a surge in coronavirus cases, while businesses and the unemployed face deepening hardship.

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