JUNE 10, 2020 - FOMC MEETING RECAP

Jim Barnes, Senior Vice President and Director of Fixed Income at BMT Wealth Management, discusses the Federal Open Market Committee (FOMC) meeting that concluded on June 10.  Based on projections submitted by participants of the FOMC, the federal funds target range will remain between 0% and 0.25% until the end of 2022.  Chairman Jerome Powell reiterated the need for accommodative monetary policy given the substantial increase in the unemployment rate and current economic contraction.  He noted the many different stimulus tools the Fed has already implemented and suggested more is available if economic conditions warrant such action.