Federal Reserve maintained its current fed funds target range of 0% to 0.25% on Wednesday, as the U.S. economy continues to struggle to manage the COVID-19 coronavirus outbreak.” data-reactid=”19″ type=”text”>The U.S. Federal Reserve maintained its current fed funds target range of 0% to 0.25% on Wednesday, as the U.S. economy continues to struggle amid the COVID-19 coronavirus outbreak. The Fed said in a statement: “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.” All 10 Fed members voted unanimously to maintain current rates.
The Federal Reserve issued two emergency interest rate cuts totaling 1.5% in March in response to the outbreak and has provided access to more than $2.3 trillion in loans to support the economy. As recently as December, the Federal Reserve said it anticipated no adjustments to interest rates in 2020. The yield on 10-year U.S. Treasury bonds declined slightly on Tuesday to 0.606%, down 0.002% on the day.