The Federal Reserve announced today that it will hold steady the federal funds rate, remaining in a target range of 0 to 0.25 percent. This decision reflects the central bank’s commitment to supporting the U.S. economy as it navigates the challenges posed by the coronavirus pandemic.

In addition to maintaining low interest rates, the Fed stated it 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 Federal Reserve will continue to closely monitor the economic outlook and is prepared to adjust its policies as appropriate.

Key takeaways from the announcement include:

• Interest rates remain near zero.
• Asset purchases will continue.
• The Fed is committed to supporting the economy.