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April 29, 2020US MONETARY POLICY Today, April 29, 2002, the Federal Reserve maintained the target range for the federal funds rate at 0 to 1/4 per cent. They will continue to purchase Treasury securities and agency residential and commercial mortgage-backed securities in amounts needed to support smooth market function. Large-scale overnight and term repurchase agreement operations will continue. It is expected for the target range to remain until there is confidence economy has weathered recent events and is on track for maximum employment and price stability.
The coronavirus outbreak is causing tremendous human and economic hardship across the world. The virus and public health measures are inducing sharp declines in economic activity and jobs. Weaker demand and low oil prices are holding down consumer price inflation. The disruption have significantly affected financial conditions and impaired credit flows to households and businesses in the US.
US Federal Reserve
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