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 coronavirus outbreak is causing tremendous human and economic hardship across the United States and around the world. The virus and the measures taken to protect public health have induced sharp declines in economic activity and a surge in job losses."

"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."

"The Committee will closely monitor developments and is prepared to adjust its plans as appropriate."

The Fed also indicated it will continue to increase its bond holdings, targeting Treasury purchases at $80 billion per month and mortgage-backed securities at $40 billion.

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

Today's action was unanimously supported by Committee members.

The Fed also released updated economic projections: