FOMC Releases

The coronavirus outbreak has harmed communities and disrupted economic activity in many countries, including the United States. In light of these developments, the Committee decided to lower the target range for the federal funds rate to 0 to 1/4 percent.

...the coronavirus poses evolving risks to economic activity. In light of these risks and in support of achieving its maximum employment and price stability goals, the Federal Open Market Committee decided today to lower the target range for the federal funds rate by 1/2 percentage point, to 1 to 1‑1/4 percent.