The Federal Reserve policy meeting and accompanying statement were largely as expected. There were no policy changes with the Fed funds target rate left at the 0-0.25% range. It will stay there until the Fed is confident the economy is on the mend. “Over the coming months” they will maintain QE purchases of Treasuries and MBS “at least at the current pace”. There were no dissenters. The language elsewhere is left unchanged with minor tweaks to reflect better functioning of financial markets. The Fed continues to emphasise the "considerable risks” to the outlook and the obvious point that the pandemic will “weigh ... (full story)