MNI: Federal Reserve Issues Press Release - TEXT

     WASHINGTON (MNI) - The fundamentals of the U.S. economy remain strong.

However, the coronavirus poses evolving risks to economic activity. In light of

these risks and in support of achieving its maximum employment and price

stability goals, the 

     Federal Open Market Committee decided today to lower the target range for

the federal funds rate by 1/2 percentage point, to 1 to 1-1/4 percent. The

Committee is closely monitoring developments and their implications for the

economic outlook and will use its tools and act as appropriate to support the

economy. 

     Voting for the monetary policy action were Jerome H. Powell, Chair; John C.

Williams, Vice Chair; Michelle W. Bowman; Lael Brainard; Richard H. Clarida;

Patrick Harker; Robert S. Kaplan; Neel Kashkari; Loretta J. Mester; and Randal

K. Quarles.

--MNI Washington Bureau; +1 202 371 2121; email: evan.ryser@marketnews.com

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