Federal Open Market Committee (FOMC) Meeting Results

This meeting was a virtual  meeting

Fed pledges to use full range of tools to assist the economy. Fed does not change rates - keeps interest rate range  at  0.0% - 0.25%

Fed claims that the COVID-19 pandemic is causing tremendous human and economic hardship across the United States and around the world and warns of additional economic and financial harm that the virus might cause.

Fed forecasts the course of the economy will depend on the course of the virus.

Fed promises to use all tools at their disposal, thereby promoting its maximum employment and price stability goals.

• “The Federal Reserve is committed to using its full range of tools to support the U.S. economy in this challenging time, thereby promoting its maximum employment and price stability goals.
• The COVID-19 pandemic is causing tremendous human and economic hardship across the United States and around the world. 
• Economic activity and employment have continued to recover but remain well below their levels at the beginning of the year.
• Weaker demand and earlier declines in oil prices have been holding down consumer price inflation. Overall financial conditions remain accommodative, in part reflecting policy measures to support the economy and the flow of credit to U.S. households and businesses.
• The path of the economy will depend significantly on the course of the virus. The ongoing public health crisis will continue to weigh on economic activity, employment, and inflation in the near term, and poses considerable risks to the economic outlook over the medium term.

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