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Economy in Brief

FOMC Lowers Fed Funds Rate; Cites Coronavirus Concerns
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
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