FOMC On Hold; Rates, QE Unchanged

The Fed will continue its current pace of QE and hold rates at 0% to
0.25% after its July meeting, as expected.

• No change to forward guidance that it expects to keep rates near zero
  "until it is confident that the economy has weathered recent events and is
  on track to achieve its maximum employment and price stability goals"
• No changes to its characterization of asset purchases "to support the flow
  of credit to households and businesses"
• Slightly more optimistic economic assessment, noting "economic activity
  and employment have picked up somewhat in recent months but remain
  well below their levels at the beginning of the year"
• Adds: "The path of the economy will depend significantly on the course of
  the virus."
• Fed also announces extension of dollar swap lines and FIMA repo facility
  until end-March