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The American Rescue Plan passed by President Joe Biden last month was larger than Federal Reserve policymakers had anticipated, according to minutes from the Federal Open Market Committee’s March meeting.

Committee members rolled out a more optimistic outlook for the US economy on March 17 after concluding their two-day policy meeting. The lifted growth estimates incorporated lower COVID-19 case counts, vaccine distribution, and stimulus packages passed by President Donald Trump in December and Biden’s own relief plan. Though some expected Biden’s proposal to be watered down to garner Republican support, the fully intact details ⇒

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