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All members of the Committee agreed that the Federal Reserve remains committed to using its full range of tools to support the US economy, the minutes from the Federal Open Market Committee’s (FOMC) April 28-29 monetary policy meeting showed on Wednesday.

Market reaction

The US Dollar Index largely ignored the statement and was last seen losing 0.41% on the day at 99.17.

Additional takeaways

“Members also agreed coronavirus would weigh heavily on economic activity, employment, and inflation in the near term, and posed considerable downside risks to the economic outlook over the medium term.”

“Participants observed that the return of inflation to the committee’s 2% longer-run objective would likely be further delayed.”

“Members said they expected to maintain the current target range until they were confident that the economy had weathered recent events and was on track to achieve the Fed’s goals.”