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. The Fed indicated that it will maintain this target range until the economy "is on track to achieve its maximum employment and price stability goals."

In the press release, the FOMC stated "The coronavirus outbreak is causing tremendous human and economic hardship across the United States and around the world." The Fed also noted that there were indications that the economy and employment had improved somewhat, but the levels of activity remained depressed.

The Fed also stated that consumer price inflation was being held down by weak demand and low oil prices and that overall financial conditions were improving.

The statement indicated that future economic developments will depend on the course of the virus, but that it would extend dollar liquidity swaps and temporary repo operations through March 31, 2021. These measures were established to facilitate the flow of U.S. dollars to banks, both foreign and domestic.

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

Today's action was unanimously supported by Committee members.