The Federal Reserve said Wednesday it would keep its benchmark interest rate near zero.

The Federal Reserve said Wednesday it would keep its benchmark interest rate near zero for as long as it takes to help the economy bounce back from the coronavirus crisis. The Fed said the ongoing pandemic will “weigh heavily” on the near-term outlook and poses “considerable risks” for the medium term.

In addition to holding rates near rock bottom, the central bank recently said it will allow inflation to run “hotter than normal” before ever hiking rates again, letting borrowers benefit from cheap money indefinitely.

“Interest rates are extraordinarily low and they are going to stay that way for a long time,” said Laura Veldkamp, a professor of finance and economics at Columbia University Business School.

Although the federal funds rate, which is what banks charge one another for short-term borrowing, is not the rate that consumers pay, the Fed’s moves still affect the borrowing and saving rates they see every day.

In general, lower-than-normal interest rates are great for borrowers, but not so good for savers, who will see less reward for their savings, according to Richard Barrington, senior financial analyst at MoneyRates.