Every vote, every word

Sunday, November 1, 2026

FOMC meeting (unscheduled)

March 23, 2020

other No rate decision by a 10–0 vote (by notation).

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

948 word-level changes against the March 15, 2020 statement. Added text and removed text are marked in the redline below.

Target range 0.00–0.25% → —. Vote 9–1 → 10–0.

Statement redline

The coronavirusFederal outbreakReserve hasis harmedcommitted communitiesto anduse disruptedits economicfull activityrange inof manytools countries,to includingsupport the United States. GlobalU.S. financialeconomy conditionsin havethis alsochallenging beentime significantlyand affected.thereby Availablepromote economicits datamaximum showemployment thatand theprice U.S.stability economygoals. The cameFederal intoOpen thisMarket challengingCommittee periodis ontaking afurther strongactions footing.to Informationsupport receivedthe sinceflow theof Federalcredit Opento Markethouseholds Committeeand metbusinesses inby Januaryaddressing indicatesstrains thatin the labormarkets marketfor remainedTreasury strongsecurities throughand Februaryagency andmortgage-backed economicsecurities. activityThe roseFederal atReserve awill moderatecontinue rate.to Jobpurchase gainsTreasury havesecurities beenand solid,agency onmortgage-backed average,securities in recentthe months,amounts andneeded theto unemploymentsupport ratesmooth hasmarket remainedfunctioning low.and Althougheffective householdtransmission spendingof rosemonetary atpolicy ato moderatebroader pace,financial businessconditions. fixedThe investmentCommittee andwill exportsinclude remainedpurchases weak.of Moreagency recently,commercial themortgage-backed energysecurities sectorin hasits comeagency undermortgage-backed stress.security Onpurchases. aIn 12-monthaddition, basis,the overallOpen inflationMarket andDesk inflationwill forcontinue itemsto otheroffer thanlarge-scale foodovernight and energyterm arerepurchase runningagreement belowoperations. 2The percent.Committee Market-basedwill measurescontinue ofto inflationclosely compensationmonitor havemarket declined;conditions, survey-basedand measureswill ofassess longer-termthe inflationappropriate expectationspace areof littleits changed. Consistentsecurities withpurchases itsat statutoryfuture mandate,meetings. In thea Committeerelated seeksset toof fosteractions, maximumthe employmentFederal andReserve priceannounced stability.additional Themeasures effectsto ofsupport the coronavirus willflow weighof oncredit economicto activityhouseholds inand thebusinesses. nearMore terminformation andcan posebe risksfound toon the economicFederal outlook.Reserve Board's website. In lightconnection ofwith these developments,plans, the Committee decided tovoted lowerunanimously theto targetauthorize rangeand fordirect the federalFederal fundsReserve rateBank toof 0New toYork, 1/4until percent.instructed Theotherwise, Committeeto expectsexecute totransactions maintainin thisthe targetSystem rangeOpen untilMarket itAccount isin confidentaccordance thatwith the economy hasfollowing weathereddomestic recentpolicy eventsdirective: "Effective andMarch is23, on2020, trackthe toFederal achieveOpen itsMarket maximumCommittee employmentdirects andthe priceDesk stabilityto goals.undertake Thisopen actionmarket willoperations helpas supportnecessary economicto activity,maintain strongthe laborfederal marketfunds conditions,rate andin inflationa returningtarget torange theof Committee's0 symmetricto 21/4 percentpercent. objective. The Committee willdirects continuethe Desk to monitorincrease the implications ofSystem incomingOpen informationMarket forAccount theholdings economicof outlook,Treasury includingsecurities informationand relatedagency tomortgage-backed publicsecurities health,(MBS) asin wellthe asamounts globalneeded developmentsto andsupport mutedthe inflationsmooth pressures,functioning andof willmarkets usefor itsTreasury toolssecurities and act as appropriate toagency supportMBS. theThe economy.Committee Inalso determiningdirects the timing and sizeDesk ofto futureinclude adjustmentspurchases toof theagency stancecommercial ofmortgage-backed monetarysecurities policy,in theits Committeeagency willmortgage-backed assesssecurity realizedpurchases. The andCommittee expectedalso economicdirects conditionsthe relativeDesk to its maximumcontinue employmentconducting objectiveterm and itsovernight symmetricrepurchase 2agreement percentoperations inflationto objective.ensure Thisthat assessmentthe willsupply takeof intoreserves accountremains aample wideand rangeto ofsupport information,the includingsmooth measuresfunctioning of labor market conditions,short-term indicatorsU.S. ofdollar inflationfunding pressuresmarkets. andIn inflationaddition, expectations,the andCommittee readingsdirects onthe financialDesk andto internationalconduct developments. Theovernight Federalreverse Reserverepurchase isoperations prepared(and toreverse userepurchase itsoperations fullwith rangematurities of tools tomore supportthan theone flowday ofwhen creditnecessary to householdsaccommodate andweekend, businessesholiday, andor therebysimilar promotetrading itsconventions) maximumat employmentan andoffering pricerate stabilityof goals.0.00 Topercent, supportin theamounts smoothlimited functioningonly ofby marketsthe forvalue of Treasury securities andheld agencyoutright mortgage-backedin securitiesthe thatSystem areOpen centralMarket toAccount thethat floware ofavailable creditfor tosuch householdsoperations and businesses, over comingby monthsa theper-counterparty Committeelimit willof increase$30 itsbillion holdingsper ofday. The TreasuryCommittee securitiesdirects bythe atDesk leastto $500continue billionrolling andover itsat holdingsauction ofall agencyprincipal mortgage-backedpayments securitiesfrom bythe atFederal leastReserve's $200holdings billion.of TheTreasury Committeesecurities willand alsoto reinvest all principal payments from the Federal Reserve's holdings of agency debt and agency mortgage-backed securities in agency mortgage-backedreceived securities.during Ineach addition,calendar themonth Openin Marketagency Deskmortgage-backed hassecurities. recentlySmall expandeddeviations itsfrom overnightthese andamounts termfor repurchaseoperational agreementreasons operations.are acceptable. The Committee will continue to closely monitor market conditionsalso anddirects isthe preparedDesk to adjustengage itsin plansdollar asroll appropriate. Inand acoupon relatedswap settransactions ofas actionsnecessary to support the creditfacilitate needssettlement of households and businesses, the Federal Reserve announced measuresReserve's relatedagency tomortgage-backed thesecurities discounttransactions." More window,information intradayregarding credit,open bankmarket capitaloperations and liquidity buffers, reserve requirements, and-in coordination with other central banks-the U.S. dollar liquidity swap line arrangements. More informationreinvestments canmay be found on the Federal Reserve Board's website. Federal Reserve actions to support the flowBank of creditNew toYork's householdswebsite. Federal andReserve businesses Coordinatedannounces centralextensive banknew actionmeasures to enhancesupport the provision of U.S. dollar liquidityeconomy

Statement as released

The Federal Reserve is committed to use its full range of tools to support the U.S. economy in this challenging time and thereby promote its maximum employment and price stability goals.

The Federal Open Market Committee is taking further actions to support the flow of credit to households and businesses by addressing strains in the markets for Treasury securities and agency mortgage-backed securities. The Federal Reserve will continue to purchase Treasury securities and agency mortgage-backed securities in the amounts needed to support smooth market functioning and effective transmission of monetary policy to broader financial conditions. The Committee will include purchases of agency commercial mortgage-backed securities in its agency mortgage-backed security purchases. In addition, the Open Market Desk will continue to offer large-scale overnight and term repurchase agreement operations. The Committee will continue to closely monitor market conditions, and will assess the appropriate pace of its securities purchases at future meetings.

Voting (by notation) 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.

In a related set of actions, the Federal Reserve announced additional measures to support the flow of credit to households and businesses. More information can be found on the Federal Reserve Board's website.

In connection with these plans, the Committee voted unanimously to authorize and direct the Federal Reserve Bank of New York, until instructed otherwise, to execute transactions in the System Open Market Account in accordance with the following domestic policy directive:

"Effective March 23, 2020, the Federal Open Market Committee directs the Desk to undertake open market operations as necessary to maintain the federal funds rate in a target range of 0 to 1/4 percent. The Committee directs the Desk to increase the System Open Market Account holdings of Treasury securities and agency mortgage-backed securities (MBS) in the amounts needed to support the smooth functioning of markets for Treasury securities and agency MBS. The Committee also directs the Desk to include purchases of agency commercial mortgage-backed securities in its agency mortgage-backed security purchases.

The Committee also directs the Desk to continue conducting term and overnight repurchase agreement operations to ensure that the supply of reserves remains ample and to support the smooth functioning of short-term U.S. dollar funding markets. In addition, the Committee directs the Desk to conduct overnight reverse repurchase operations (and reverse repurchase operations with maturities of more than one day when necessary to accommodate weekend, holiday, or similar trading conventions) at an offering rate of 0.00 percent, in amounts limited only by the value of Treasury securities held outright in the System Open Market Account that are available for such operations and by a per-counterparty limit of $30 billion per day.

The Committee directs the Desk to continue rolling over at auction all principal payments from the Federal Reserve's holdings of Treasury securities and to reinvest all principal payments from the Federal Reserve's holdings of agency debt and agency mortgage-backed securities received during each calendar month in agency mortgage-backed securities. Small deviations from these amounts for operational reasons are acceptable.

The Committee also directs the Desk to engage in dollar roll and coupon swap transactions as necessary to facilitate settlement of the Federal Reserve's agency mortgage-backed securities transactions."

More information regarding open market operations and reinvestments may be found on the Federal Reserve Bank of New York's website.

Federal Reserve announces extensive new measures to support the economy

← March 15, 2020 · April 29, 2020 →