Monetary Policy Actions

These resources describe monetary policy actions that the Federal Open Market Committee and the Federal Reserve Board have taken to support the economy and financial markets.

You can find all FOMC and Board actions in response to the COVID-19 pandemic, organized by date,Off-site link on the website of the Board of Governors.

Lowering Interest Rates

The Federal Open Market Committee votedOff-site link on March 15 to lower the effective rate to a range of 0%-0.25%. The fed funds rate is the key interest rate you hear about when the Fed lowers rates, and changes in that rate affect interest rates throughout the economy.

Keeping Markets Functioning

The New York Fed is working to support the flow of creditOff-site link to households and businesses and the overall U.S. economy during this challenging time. It is doing so by implementing monetary policy as directed by the Federal Open Market Committee (FOMC), administering a number of Federal Reserve facilities that provide liquidity to a range of markets, developing critical research and analysis, and supporting communities in the Second District. (Includes detailed FAQs w/ special email addresses for questions on CPFF, PDCF, PMCCF, SMCCF, FIMA REPO FACILITY).

Through the Money Market Mutual Fund Liquidity Facility, or MMLF, the Boston Fed will make loans available to eligible financial institutions,Off-site link secured by high-quality assets purchased by the financial institution from money market mutual funds.

The Federal Reserve has made changes to its discount window.Off-site link Federal Reserve lending to depository institutions (the discount window) plays an important role in supporting the liquidity and stability of the banking system and the effective implementation of monetary policy.