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Economy in Brief

FOMC Holds Fed Funds Rate Near Zero
by Tom Moeller  April 29, 2020

The Federal Reserve left the target for the Fed funds rate in a range of 0.00% to 0.25% at today's meeting of the FOMC.

In the Fed's press release, it stated "The Federal Reserve is committed to using its full range of tools to support the U.S. economy in this challenging time...."

It further indicated that "The ongoing public health crisis will weigh heavily on economic activity, employment, and inflation in the near term, and poses considerable risks to the economic outlook over the medium term."

"To support the flow of credit to households and businesses, the Federal Reserve will continue to purchase Treasury securities and agency residential and commercial mortgage-backed securities in the amounts needed to support smooth market functioning."

The statement issued following today's meeting can be found here.

Today's action was unanimously supported by Committee members.

Current Last 2019 2018 2017 2016
Federal Funds Rate Target 0.0% - 0.25% 0.0% - 0.25% 2.16% 1.83% 1.00% 0.40
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