Every vote, every word

Sunday, November 1, 2026

FOMC meeting

March 3, 2020

cut Lowered to 1.00–1.25% by a 10–0 vote.

Statement · federalreserve.gov

The vote

Unanimous.

Voted for (10)

Jerome H. Powell, John C. Williams, Michelle W. Bowman, Lael Brainard, Richard H. Clarida, Patrick Harker, Robert S. Kaplan, Neel Kashkari, Loretta J. Mester, Randal K. Quarles

What changed in the statement

101 word-level changes against the January 29, 2020 statement. Added text and removed text are marked in the redline below.

Target range 1.50–1.75% → 1.00–1.25%. Vote 10–0 → 10–0.

Statement redline

InformationThe receivedfundamentals sinceof the Federal Open Market Committee metU.S. ineconomy Decemberremain indicatesstrong. thatHowever, the labor marketcoronavirus remainsposes strongevolving andrisks thatto economic activity has been rising at a moderate rate. Job gains have been solid, on average, in recent months, and the unemployment rate has remained low. Although household spending has been rising at a moderate pace, business fixed investment and exports remain weak. On a 12-month basis, overall inflation and inflation for items other than food and energy are running below 2 percent.activity. Market-basedIn measureslight of inflation compensationthese remainrisks low;and survey-basedin measuressupport of longer-term inflation expectations are little changed. Consistent withachieving its statutory mandate, the Committee seeks to foster maximum employment and price stability.stability Thegoals, the Federal Open Market Committee decided today to maintainlower the target range for the federal funds rate at 1-1/2 to 1-3/4 percent. The Committee judges that the current stance of monetaryby policy1/2 ispercentage appropriatepoint, to support sustained expansion of economic activity, strong labor market conditions, and inflation returning1 to the Committee's symmetric 2 percent1-1/4 objective.percent. The Committee will continue to monitor the implications of incoming information for the economic outlook,is includingclosely globalmonitoring developments and muted inflation pressures, as it assesses the appropriate path of the target range for the federal funds rate. In determining the timing and size of future adjustments to the targettheir rangeimplications for the federal funds rate, the Committee will assess realized and expected economic conditions relative to its maximum employment objectiveoutlook and its symmetric 2 percent inflation objective. This assessment will take into account a wide range of information, including measures of labor market conditions, indicators ofuse inflationits pressurestools and inflation expectations, andact readingsas onappropriate financialto andsupport internationalthe developments.economy.

Statement as released

The fundamentals of the U.S. economy remain strong. However, 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. 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.

Voting for the monetary policy action were Jerome H. Powell, Chair; John C. Williams, Vice Chair; Michelle W. Bowman; Lael Brainard; Richard H. Clarida; Patrick Harker; Robert S. Kaplan; Neel Kashkari; Loretta J. Mester; and Randal K. Quarles.

← January 29, 2020 · March 15, 2020 →