Good morning from the Financial Times.

Today is Thursday, September 17th,

and this is your FT news briefing.

The Federal Reserve is signaling rock-bottom rates

for the next three years, and Donald Trump is pushing for more

fiscal stimulus. Plus, Snowflake had a big first day on the public markets, but some

investors are concerned the cloud computing company is overvalued.

Mark Filipino, and here's the news you need to start your day.

Race will remain highly accommodative until the economy is far along in its recovery

and that should be a very powerful statement in supporting economic activity.

That was Federal Reserve Chairman Jay Powell yesterday.

The Fed indicated that it would not raise interest rates until at least the end of 2023.

That means the U.S. Central Bank's main rate could stay close to zero for nearly three years.

With me now as our U.S. markets reporter Colby Smith,

Colby, why is the Fed indicating that it will keep interest rates for so low for so long too?

I think first and foremost it reflects the extent of the economic damage caused by the

coronavirus crisis. We haven't seen in history really such a massive drop in economic activity so quickly and so it's something that has

required and will continue to require you know unprecedented support from

Central Bankers so I think in a large part this is you know the Fed

acknowledging the fact that this is an economic contraction unlike anything that we've

ever seen and so it's the level of support it's willing to provide is also going to be something unlike we've ever seen.

But I also think, you know, it reflects the fact that the Fed has recently had a bit of a rethink

...