FEDERAL RESERVE VOWS TO SUPPORT U.S. ECONOMY

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 COVID-19 pandemic is causing tremendous human and economic hardship across the United States and around the world.

Economic activity and employment have continued to recover but remain well below their levels at the beginning of the year. 

Weaker demand and earlier declines in oil prices have been holding down consumer price inflation. 

Overall financial conditions remain accommodative, in part reflecting policy measures to support the economy and the flow of credit to U.S. households and businesses.

The path of the economy will depend significantly on the course of the virus. The ongoing public health crisis will continue to weigh on economic activity, employment, and inflation in the near term, and poses considerable risks to the economic outlook over the medium term.

The Fed Committee seeks to achieve maximum employment and inflation at the rate of 2 percent over the longer run.