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Fed Keeps Interest Rates Near 0% as Powell Says ‘Millions’ of Jobs Gone Forever

Rivet's 2020 Denim Circularity report takes a deep dive into how the global denim industry is plotting its circular future amidst a worldwide pandemic.

The Federal Reserve’s Open Market Committee moved Wednesday to keep benchmark short-term interest rates at near zero percent through 2022 while laying out a dismal forecast for the American economy—and recovery. Federal Reserve chairman Jerome Powell believes the number of newly out-of-work people whose jobs have disappeared forever runs “well into the millions,” amid an…

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