Why is the Federal Reserve not considering raising interest rates for the time being? What is the specific situation?

Why is the Federal Reserve not considering raising interest rates for the time being? What is the specific situation? Maintain the benchmark interest rate at 0%-0.25%

Beijing time, July 30 news, at 2:00 am Beijing time on July 30, the Federal Reserve FOMC committee announced the latest interest rate decision, keeping the benchmark interest rate unchanged at 0%-0.25%, in line with market expectations. Federal Reserve Chairman Powell later said at a press conference that the Fed will be committed to using all tools to ensure a strong economic recovery, and said that the new crown epidemic is an anti-inflationary shock and that there is no consideration of raising interest rates at all.

The following is a summary of the key points of the July press conference by Federal Reserve Chairman Powell:

1. If necessary, the Fed will take action at all costs; the Fed has never studied the policy option of buying stocks, and is not considering raising interest rates at all. The asset purchase structure is not like QE, but it works like QE.

2. High-frequency data show that the pace of economic recovery in the United States has slowed down, and the contraction of U.S. GDP in the second quarter is likely to be the largest in history. The evolution of the economic recovery path depends on whether the Trump administration can take comprehensive action.

3. The number of COVID-19 cases in the United States has increased sharply, and there are signs that the increase in cases is dragging down the U.S. economy; the COVID-19 epidemic is actually a health crisis.