FOMC: Fed keeps fed funds target range..........>

FED: FOMC: Fed keeps fed funds target range unchanged at the zero lower bound at

0.00% to 0.25%, with no dissents (10-0). No hikes thru 2022. Forward guidance is

unchanged. Statement says the "Committee expects to maintain this target range

until it is confident that the economy has weathered recent events and is on

track to achieve its maximum employment and price stability goals." NY Fed says:

Treasury purchases of USD80 billion per month; MBS purchases of USD40billion per

month. No mention of yield caps. Fed leaves IOER unchanged at 0.1%, and left the

RRP unchanged at 0.00%, with a per counterparty limit of USD30 billion per day.

Statement says: "The ongoing public health crisis will weigh heavily on economic

activity, employment, and inflation in the near term, and poses considerable

risks to the economic outlook over the medium term." Fed releases SEP: median

Fed funds: 0.1% (2020); 0.1% (2021); 0.1% (2022); 2.5% (long run). Median

unemployment: 9.3% (2020); 6.5% (2021); 5.5% (2022); 4.1% (long run). Median

real GDP: -6.5% (2020); 5.0% (2021); 3.5% (2022); 1.8% (long run). Median core

PCE inflation: 1.0% (2020); 1.5% (2021); 1.7% (2022)