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Most officials forecast the benchmark rate will remain near zero through 2022.
Gold futures were up by 1.19% at $1,741.25 by 12:24 AM ET (5:24 AM GMT), with investors turning to the safe-haven yellow metal.
Investor sentiment also soured as the Fed quarterly predictions pointed to a long road towards economic recovery from the COVID-19 virus in the U.S. GDP is forecast to contract by 6.5% in 2020 and unemployment to fall to 9.3% in the final three months of the year from May’s 13.3%.