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Economy in Brief
U.K. Sentiment Plunges
U.K. consumer sentiment recorded its biggest fall since records began in January 1974...
U.S. Nonfarm Payrolls Collapse; Jobless Rate Surges by Almost One Point
The job market unwound during March...
U.S. ISM Nonmanufacturing Misleadingly Strong in March
ISM Nonmanufacturing index declined substantially less than expected to 52.5...
Composite PMIs Show True and Sudden Weakness
While the deterioration experienced in most PMIs whether sector or composite generally is severe in March...
U.S. Initial Claims for Unemployment Insurance Double to 6.6 Million
Initial jobless claims for unemployment insurance were 6.648 million (3,051% y/y) in the week ending March 28...
by Tom Moeller March 3, 2020
The Federal Reserve lowered the target for the Fed Funds rate by 50 basis points to a range of 1.00% to 1.25%.
In the Fed's press release, it indicated that "the coronavirus poses evolving risks to economic activity."
"The Committee is closely monitoring developments and their implications for the economic outlook and will use its tools and act as appropriate to support the economy."
The decision was unanimous amongst FOMC members.
The full text of the FOMC statement can be found here.
| Current | Last | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|
| Federal Funds Rate Target | 1.00% - 1.25% | 1.50% - 1.75% | 2.16% | 1.83% | 1.00% | 0.40 |
