American households and businesses have gone two months without the enhanced unemployment benefits, low-interest loans and other programmes that helped prop up the economy in the spring
While the unemployment rate in the US has fallen more rapidly than many economists expected, millions of Americans remain unemployed as the coronavirus pandemic keeps many industries operating below capacity
Employment remains sharply depressed compared with before the pandemic, leaving many households in a more precarious position
Federal Reserve Chair Jerome Powell has said repeatedly, including several times this week alone, that the strength of the country's economic recovery depends on keeping the novel coronavirus under control -- critical to instilling confidence in Americans that it is safe to resume normal activity.
U.S. West Texas Intermediate (WTI) crude futures were flat at $40.16 a barrel at 0118 GMT, after jumping 4.9% on Wednesday.
Australian S&P/ASX 200 futures lost 0.22% in early trading. Japan's Nikkei 225 futures were flat, while Hong Kong's Hang Seng index futures lost 0.15%.
The Fed's benchmark interest rate influences borrowing costs for homebuyers, credit card users, and businesses.
The two-day meeting is the US central bank's first under a newly adopted framework that promises to shoot for inflation above 2 percent to make up for periods, such as now, where it is running below that target.
Spot gold was up 0.3% at $1,962.78 per ounce by 0259 GMT, adding to a 0.8% gain in the previous session. U.S. gold futures climbed 0.5% to $1,972.60.
Spot gold was mostly unchanged at $1,941.11 per ounce by 0042 GMT.U.S. gold futures were also steady at $1,948.30.
Trump’s story line about his economic track record, particularly what he showcased during his Republican National Convention speech last month, leaves out a crucial detail
Spot gold was down 0.2% at $1,925.68 per ounce by 0048 GMT.
Spot gold was up 0.4% at $1,971.68 per ounce by 0043 GMT, after hitting its highest since Aug. 19 at $1,976 in early Asian trade. However, gold is down nearly 0.2% so far this month.
Setting out the central bank’s aggressive new strategy at a virtual Jackson Hole symposium, Fed chief Jerome Powell said it would offset below-2% periods with higher inflation “for some time,” and ensure employment doesn’t fall short of its maximum level.
A storm in the New York teapot demonstrates just how nervous markets are about the US' inability to cope with the Covid-19 pandemic and vastly extended equity valuations that discount a fast and lasting economic recovery
This however doesn’t take away the risks. The virus is the central risk. It can jeopardise and delay the economic recovery, leading to more financial instability
Such a move, which is not expected before the central bank's September meeting, would avert a potential mismatch in Treasury supply and demand and help stabilize long-end rates.
Spot gold was little changed at $1,957.84 per ounce by 0049 GMT. Prices hit an all-time of $1,980.57 on Tuesday before retreating after investors booked profits and the dollar regained some ground.
The prospect of endless stimulus allowed Asian shares to shake off coronavirus concerns and Sino-U.S. tensions to make early gains.
One by one, Fed policymakers have become more downbeat in recent days, resetting expectations on the recovery and cautioning that recent improvements in economic data such as job gains may be fleeting.
"If we all wore masks, I think that's probably the most important thing we can do right now to make sure that rebound is faster, not slowing," Kaplan told the National Press Club in a virtual event, noting the economy has slowed since the virus has resurged across the United States in recent weeks.
In separate appearances, Atlanta Fed President Raphael Bostic, Boston Fed President Eric Rosengren and Richmond Fed President Thomas Barkin noted what Barkin characterized as "air pockets" facing the US economy - businesses exhausting existing order books without refilling them, and households facing the end of unemployment benefits and other support.
Spot gold was almost unchanged at $1,783.67 per ounce by 0303 GMT, just $5.29 shy of a near eight-year high hit last week. U.S. gold futures were flat at $1,793.50 per ounce.
Spot gold fell 0.2% to $1,767.11 per ounce by 0034 GMT, after touching $1,788.96 on Wednesday” its highest since October 2012.
Spot gold was up 0.2% at $1,783.52 per ounce by 0555 GMT, after hitting its highest level since early October 2012 at $1,785.46 in the previous session.