The Fed leaves interest rates near zero as expected, and promises to use all of its tools to support the economy. Officials project unemployment above 9% at the end of this year.
The Federal Reserve cut interest rates by the largest amount since the 2008 financial crisis, but the emergency move failed to mollify investors worried about the coronavirus epidemic.
Coronavirus fears have sent stock markets reeling, but they're also pushing mortgage rates down near historical lows. That's an opportunity for homebuyers and homeowners.
The Federal Reserve cut interest rates by a quarter percentage point Wednesday, in an effort to support an economy that continues to tap the brakes. Economic growth in the third quarter was just 1.9%.
The quarter-percentage-point cut will lower borrowing costs for households and businesses. The move is an effort to prolong the decade-old economic expansion in the face of rising headwinds.
The quarter-point cut signals growing concern at the Federal Reserve about a slowdown in the economy amid the trade war with China. The Fed last cut rates in 2008 and raised them as late as December.
The Federal Reserve chairman is testifying before Congress this week about challenges the economy faces. Stocks rallied in anticipation the central bank will lower interest rates later this month.
The Federal Reserve left rates alone, despite pressure from President Trump to pump more money into the economy. But the central bank signaled a willingness to cut rates in the future if needed.
President Trump's pick for a seat on the Federal Reserve Board is drawing mounting criticism from economists of all stripes. Moore says he has the right experience, but critics fault his track record.