GDP

The coronavirus triggered the sharpest economic contraction in modern history in the second quarter as the pandemic hammered the economy, the Commerce Department said Thursday.

The Commerce Department says the U.S. economy grew 2.3% last year. That's slower than the previous year and well below the Trump administration's forecast.

A key measure of the economy's health showed a dramatic pickup, which President Trump called "amazing." But some analysts doubt the higher growth rate will last.

The vote to nudge benchmark interest rates higher was unanimous, the central bank says. The rate moves from the current 0.25-0.50 percent to a range of 0.50 and 0.75 percent.