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WASHINGTON, July 29-- The U.S. Federal Reserve on Wednesday kept its benchmark interest rate unchanged at the record-low level of near zero while warning that a recent resurgence in COVID-19 cases nationwide is starting to weigh on economic recovery. "The path of the economy will depend significantly on the course of the virus. The ongoing public health crisis will weigh heavily on economic activity, employment, and inflation in the near term, and poses considerable risks to the economic outlook over the medium term," the Fed said in a statement after concluding a two-day policy meeting. The central bank expects to maintain the target range for the federal funds rate at 0-0.25 percent "until it is confident that the economy has weathered recent events and is on track to achieve its maximum employment and price stability goals", according to the statement The Fed cut interest rates to near zero at two unscheduled meetings in March and began purchasing massive quantities of U.S. treasuries and agency mortgage-backed securities to repair financial markets. It also unveiled new lending programs to provide up to 2.3 trillion U.S. dollars to support the economy in response to the coronavirus outbreak. A notable change since the Fed's last meeting in early June is that coronavirus infection rates have accelerated in many U.S. states and at least 22 states have either paused or partially reversed their efforts to reopen their economies. | 
