The U.S. central bank is keeping interest rates unchanged this Wednesday amid growing concern about the pace of a post-pandemic recovery. 

Interest rates have been pared back to between zero and a quarter of a percent, a level not used since the aftermath of the 2008 financial disaster. 

The Federal Reserve is worried enough to allow inflation to temporarily run above its usual target so as not impede growth.  But the distribution of a vaccine in the U.S has at least provided a more optimistic longer-term outlook. Owen Fairclough reports.

Check out The China Report, our new weekly newsletter. Subscribe here!