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FOMC Statement issued

The Federal Reserve Board has issued the Federal Open Market Committee statement, following the meeting of the FOMC that ended Wednesday, July 29.

In light of developments surrounding the coronavirus pandemic, the Committee decided to maintain the target range for the federal funds rate at 0 to 1/4 percent, and expects to maintain that target range until it is confident that the economy has weathered recent events and is on track to achieve its maximum employment and price stability goals.

To support the flow of credit to households and businesses, over coming months the Federal Reserve will increase its holdings of Treasury securities and agency residential and commercial mortgage-backed securities at least at the current pace to sustain smooth market functioning, thereby fostering effective transmission of monetary policy to broader financial conditions. In addition, the Open Market Desk will continue to offer large-scale overnight and term repurchase agreement operations. The Committee will closely monitor developments and is prepared to adjust its plans as appropriate.

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