The Federal Reserve lowered the target for the Fed Funds rate by 100 basis points to a range of 0.00% to 0.25%.

In the Fed's press release, it stated "The coronavirus outbreak has harmed communities and disrupted economic activity in many countries, including the United States."

Additionally, the Fed launched a $700 billion quantitative easing program designed to add further liquidity to the economy.

"Voting for the monetary policy action were Jerome H. Powell, Chair; John C. Williams, Vice Chair; Michelle W. Bowman; Lael Brainard; Richard H. Clarida; Patrick Harker; Robert S. Kaplan; Neel Kashkari; and Randal K. Quarles. Voting against this action was Loretta J. Mester, who was fully supportive of all of the actions taken to promote the smooth functioning of markets and the flow of credit to households and businesses but preferred to reduce the target range for the federal funds rate to 1/2 to 3/4 percent at this meeting."