Every vote, every word

Sunday, November 1, 2026

FOMC meeting

April 28–29, 2020

hold Held at 0.00–0.25% by a 10–0 vote.

Statement · Press conference · Minutes (May 20, 2020) · 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

581 word-level changes against the March 23, 2020 statement. Added text and removed text are marked in the redline below.

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

Statement redline

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

The Federal Open Marketcoronavirus Committeeoutbreak is taking further actions to support the flow of creditcausing totremendous householdshuman and businesses by addressingeconomic strainshardship inacross the markets for TreasuryUnited securitiesStates and agencyaround mortgage-backedthe securities.world. The Federal Reserve will continue to purchase Treasury securitiesvirus and agency mortgage-backed securities in the amounts needed to support smooth market functioning and effective transmission of monetarymeasures policytaken to broader financial conditions. The Committee will includeprotect purchasespublic ofhealth agencyare commercialinducing mortgage-backedsharp securitiesdeclines in its agencyeconomic mortgage-backedactivity securityand purchases.a Insurge addition,in thejob Openlosses. MarketWeaker Deskdemand willand continuesignificantly tolower offeroil large-scaleprices overnightare andholding termdown repurchaseconsumer agreementprice operations.inflation. The Committee will continuedisruptions to closely monitoreconomic marketactivity conditions,here and will assess the appropriate pace of its securities purchases at future meetings. In a related set of actions,abroad thehave Federalsignificantly Reserveaffected announcedfinancial additionalconditions measuresand tohave supportimpaired the flow of credit to U.S. households and businesses. More The informationongoing canpublic behealth foundcrisis onwill theweigh Federalheavily Reserveon Board'seconomic website. Inactivity, connectionemployment, withand theseinflation plans,in the Committee voted unanimously tonear authorizeterm, and direct the Federal Reserve Bank of New York, untilposes instructedconsiderable otherwise,risks to execute transactions in the System Open Market Account ineconomic accordanceoutlook withover the followingmedium domesticterm. policyIn directive: "Effectivelight Marchof 23,these 2020,developments, the Federal Open Market Committee directs the Deskdecided to undertake open market operationsmaintain asthe necessarytarget torange maintainfor the federal funds rate in a target range ofat 0 to 1/4 percent. The Committee directs the Deskexpects to increasemaintain thethis Systemtarget Openrange Marketuntil Accountit holdingsis ofconfident Treasurythat securitiesthe andeconomy agencyhas mortgage-backedweathered securitiesrecent (MBS)events inand theis amountson neededtrack to support the smooth functioning of marketsachieve forits Treasurymaximum securitiesemployment and agencyprice MBS.stability goals. The Committee also directs thewill Deskcontinue to include purchasesmonitor ofthe agencyimplications commercialof mortgage-backedincoming securitiesinformation infor itsthe agencyeconomic mortgage-backedoutlook, securityincluding purchases. Theinformation Committeerelated alsoto directspublic thehealth, Deskas towell continueas conductingglobal termdevelopments and overnight repurchase agreementmuted operationsinflation topressures, ensureand thatwill theuse supplyits oftools reservesand remainsact ampleas andappropriate to support the smooth functioning of short-term U.S. dollar funding markets.economy. In addition,determining the Committee directstiming theand Desksize toof conductfuture overnightadjustments reverseto repurchasethe operationsstance (andof reversemonetary repurchasepolicy, operationsthe withCommittee maturitieswill ofassess morerealized thanand oneexpected dayeconomic whenconditions necessaryrelative to accommodate weekend,its holiday,maximum oremployment similarobjective tradingand conventions)its atsymmetric an2 offeringpercent rateinflation ofobjective. 0.00This percent,assessment inwill amountstake limitedinto onlyaccount bya thewide valuerange of Treasury securities held outright in theinformation, Systemincluding Openmeasures Marketof Accountlabor thatmarket areconditions, availableindicators forof suchinflation operationspressures and byinflation aexpectations, per-counterpartyand limitreadings ofon $30financial billionand perinternational day.developments.

The CommitteeTo directssupport the Desk to continue rolling overflow atof auctioncredit allto principalhouseholds paymentsand frombusinesses, the Federal Reserve's holdings of TreasuryReserve securitieswill andcontinue to reinvest all principal payments from the Federalpurchase Reserve'sTreasury holdingssecurities ofand agency debtresidential and agencycommercial mortgage-backed securities received during each calendar month in agency mortgage-backed securities. Small deviations from thesethe amounts for operational reasons are acceptable. The Committee also directs the Deskneeded to engagesupport insmooth dollarmarket rollfunctioning, andthereby couponfostering swapeffective transactionstransmission asof necessarymonetary policy to facilitatebroader settlementfinancial ofconditions. theIn Federaladdition, Reserve'sthe agencyOpen mortgage-backedMarket securitiesDesk transactions." Morewill informationcontinue regardingto openoffer marketlarge-scale operationsovernight and reinvestments may beterm foundrepurchase onagreement theoperations. FederalThe ReserveCommittee Bankwill ofclosely Newmonitor York'smarket website. Federalconditions Reserveand announcesis extensiveprepared newto measuresadjust toits supportplans theas economyappropriate.

Statement as released

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

The coronavirus outbreak is causing tremendous human and economic hardship across the United States and around the world. The virus and the measures taken to protect public health are inducing sharp declines in economic activity and a surge in job losses. Weaker demand and significantly lower oil prices are holding down consumer price inflation. The disruptions to economic activity here and abroad have significantly affected financial conditions and have impaired the flow of credit to U.S. households and businesses.

The ongoing public health crisis will weigh heavily on economic activity, employment, and inflation in the near term, and poses considerable risks to the economic outlook over the medium term. In light of these developments, the Committee decided to maintain the target range for the federal funds rate at 0 to 1/4 percent. The Committee expects to maintain this 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.

The Committee will continue to monitor the implications of incoming information for the economic outlook, including information related to public health, as well as global developments and muted inflation pressures, and will use its tools and act as appropriate to support the economy. In determining the timing and size of future adjustments to the stance of monetary policy, the Committee will assess realized and expected economic conditions relative to its maximum employment objective 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 of inflation pressures and inflation expectations, and readings on financial and international developments.

To support the flow of credit to households and businesses, the Federal Reserve will continue to purchase Treasury securities and agency residential and commercial mortgage-backed securities in the amounts needed to support 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 market conditions and is prepared to adjust its plans as appropriate.

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.

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