FOMC Minutes
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Minutes of the Federal Open Market Committee
April 28–29, 2020
A joint meeting of the Federal Open Market Committee
and the Board of Governors was held by conference call
on Tuesday, April 28, 2020, at 1:00 p.m. and continued
on Wednesday, April 29, 2020, at 9:00 a.m. 1
PRESENT:
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
Randal K. Quarles
Thomas I. Barkin, Raphael W. Bostic, Mary C. Daly,
Charles L. Evans, and Michael Strine, Alternate
Members of the Federal Open Market Committee
James Bullard, Esther L. George, and Eric Rosengren,
Presidents of the Federal Reserve Banks of St.
Louis, Kansas City, and Boston, respectively
James A. Clouse, Secretary
Matthew M. Luecke, Deputy Secretary
Michelle A. Smith, Assistant Secretary
Mark E. Van Der Weide, General Counsel
Michael Held, Deputy General Counsel
Thomas Laubach, Economist
Stacey Tevlin, Economist
Beth Anne Wilson, Economist
Shaghil Ahmed, Michael Dotsey, Joseph W. Gruber,
David E. Lebow, Trevor A. Reeve, Ellis W.
Tallman, William Wascher, and Mark L.J. Wright,
Associate Economists
Lorie K. Logan, Manager, System Open Market
Account
Matthew J. Eichner, 2 Director, Division of Reserve
Bank Operations and Payment Systems, Board of
Governors; Michael S. Gibson, Director, Division
of Supervision and Regulation, Board of
Governors; Andreas Lehnert, Director, Division of
Financial Stability, Board of Governors
Daniel M. Covitz,2 Deputy Director, Division of
Research and Statistics, Board of Governors;
Rochelle M. Edge, Deputy Director, Division of
Monetary Affairs, Board of Governors; Michael T.
Kiley, Deputy Director, Division of Financial
Stability, Board of Governors
Jon Faust, Senior Special Adviser to the Chair, Office
of Board Members, Board of Governors
Joshua Gallin, Special Adviser to the Chair, Office of
Board Members, Board of Governors
Antulio N. Bomfim, Wendy E. Dunn, Ellen E. Meade,
Chiara Scotti, and Ivan Vidangos, Special Advisers
to the Board, Office of Board Members, Board of
Governors
Linda Robertson, Assistant to the Board, Office of
Board Members, Board of Governors
Brian M. Doyle, Senior Associate Director, Division of
International Finance, Board of Governors; John J.
Stevens, Senior Associate Director, Division of
Research and Statistics, Board of Governors
Edward Nelson, Senior Adviser, Division of Monetary
Affairs, Board of Governors
Marnie Gillis DeBoer and Min Wei, Associate
Directors, Division of Monetary Affairs, Board of
Governors; Glenn Follette, Associate Director,
Division of Research and Statistics, Board of
Governors
Ann E. Misback, Secretary, Office of the Secretary,
Board of Governors
Eric C. Engstrom, Deputy Associate Director, Division
of Monetary Affairs, Board of Governors; Patrick
E. McCabe and John M. Roberts, Deputy
The Federal Open Market Committee is referenced as the
“FOMC” and the “Committee” in these minutes.
2
1
Attended Tuesday’s session only.
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Associate Directors, Division of Research and
Statistics, Board of Governors; Andrea Raffo,
Deputy Associate Director, Division of
International Finance, Board of Governors; Jeffrey
D. Walker,2 Deputy Associate Director, Division
of Reserve Bank Operations and Payment Systems,
Board of Governors
Brian J. Bonis and Rebecca Zarutskie, Assistant
Directors, Division of Monetary Affairs, Board of
Governors; Ricardo Correa, Assistant Director,
Division of International Finance, Board of
Governors
Penelope A. Beattie,2 Section Chief, Office of the
Secretary, Board of Governors
David H. Small, Project Manager, Division of
Monetary Affairs, Board of Governors
Michele Cavallo, Edward Herbst, and Ander PerezOrive, Principal Economists, Division of Monetary
Affairs, Board of Governors
Randall A. Williams, Senior Information Manager,
Division of Monetary Affairs, Board of Governors
Ron Feldman, First Vice President, Federal Reserve
Bank of Minneapolis
David Altig, Kartik B. Athreya, Sylvain Leduc, Daleep
Singh, and Christopher J. Waller, Executive Vice
Presidents, Federal Reserve Banks of Atlanta,
Richmond, San Francisco, New York, and St.
Louis, respectively
Spencer Krane, Senior Vice President, Federal Reserve
Bank of Chicago
Scott Frame, Anna Kovner, Giovanni Olivei, and
Patricia Zobel, Vice Presidents, Federal Reserve
Banks of Dallas, New York, Boston, and New
York, respectively
A. Lee Smith, Research and Policy Advisor, Federal
Reserve Bank of Kansas City
Developments in Financial Markets and Open Market Operations
The System Open Market Account (SOMA) manager
first discussed developments in financial markets. Financial conditions had shown notable improvement
over recent weeks. Equity price indexes were up substantially from the lows of late March, safe-haven demands for the dollar had receded, and measures of realized and implied volatility across markets had diminished. Market participants pointed to swift and forceful
actions taken by the Federal Reserve, coupled with
strong fiscal measures, and some indications of a slowing
in the spread of the coronavirus (COVID-19) in major
economies as factors contributing to these developments.
That said, market participants remained very uncertain
about the economic outlook, and contacts highlighted
an array of remaining risks, including those in corporate
credit markets, emerging markets, and mortgage markets. In corporate credit markets, concerns about potential defaults were rising, and ratings agencies had put
on negative watch or downgraded many issuers. In
emerging markets, the steep decline in commodity prices
was exacerbating financial pressures for some emerging
market economies (EMEs), which were also facing
strains arising from capital outflows and a reduction in
trade activity. And in mortgage markets, the likely increase in mortgage delinquencies associated with forbearance polices and an eventual rise in defaults were
sources of concern for bank and nonbank lenders.
Open Market Desk surveys suggested that market participants anticipated a sharp near-term decline in economic activity, followed by some recovery later this year.
Against this backdrop, market participants generally expected the target range for the federal funds rate to remain at the effective lower bound for the next couple of
years. Respondents to Desk surveys attached almost no
probability to the FOMC implementing negative policy
rates. Some survey respondents indicated that they expected modifications to the Committee’s forward guidance, but not at the current meeting.
The manager then reviewed recent open market operations. Since mid-March, at the direction of the FOMC,
the Desk had purchased very large quantities of Treasury
and agency mortgage-backed securities (MBS) in order
to support the smooth functioning of these critical markets. The Desk evaluated a broad array of indicators to
assess market functioning. These indicators suggested
considerable improvement in market functioning, and
the Desk gradually scaled back the pace of purchases accordingly. Market participants anticipated that the pace
of purchases would slow after the June meeting, but they
expected that outright securities holdings in the SOMA
portfolio would continue to expand at least through the
end of the year. The SOMA manager expected that, if
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conditions continued to improve, the pace of purchases
could be reduced somewhat further; however, consistent
with the directive, the Desk was prepared to increase
purchases as needed should market functioning worsen.
Conditions in money markets had improved over recent
weeks. The intense strains across a range of short-term
funding markets that emerged in March had subsided.
The expansion of Federal Reserve repurchase agreement
(repo) operations, the enhancement and expansion of
funding available through the discount window and
swap lines, and the funding provided through the Primary Dealer Credit Facility (PDCF), the Money Market
Mutual Fund Liquidity Facility (MMLF), and the Commercial Paper Funding Facility (CPFF) were likely important in relieving pressures across a range of shortterm funding markets. The manager noted that, despite
these improvements, rates in some term funding markets remained elevated, although forward measures suggested the upward pressure on these rates might ease in
coming weeks. With conditions in short-term funding
markets having improved substantially and with repo
operations no longer needed to maintain ample reserve
levels, the manager noted that it might be appropriate to
position the Federal Reserve’s repurchase operations in
a backstop role. For example, the minimum bid rate in
repo operations could be increased somewhat relative to
the level of the interest rate on excess reserves (the
IOER rate).
Later in the intermeeting period, short-term interest
rates drifted lower and settled at near-zero levels. Although rates appeared stable, the manager suggested that
circumstances could arise in which temporarily raising
the per-counterparty limit on the overnight reverse repo
operation would support policy implementation. The
manager also noted that some market participants anticipated that the Federal Reserve might increase the IOER
rate in order to move the federal funds rate closer to the
middle of the target range and to address market functioning issues that could arise over time with overnight
rates at very low levels. However, there appeared to be
limited risk that the federal funds rate would move below the target range, as the Federal Home Loan Banks—
the dominant lenders in the federal funds market—can
earn a zero rate on balances maintained in their account
at the Federal Reserve. Moreover, there were few signs
to date that the low level of overnight funding rates had
adversely affected market functioning, and trading volumes remained robust. The SOMA manager noted that
the staff would continue to monitor developments.
The Committee voted unanimously to renew the reciprocal currency arrangements with the Bank of Canada
and the Bank of Mexico; these arrangements are associated with the Federal Reserve’s participation in the
North American Framework Agreement of 1994. In addition, the Committee voted unanimously to renew the
dollar and foreign currency liquidity swap arrangements
with the Bank of Canada, the Bank of England, the Bank
of Japan, the European Central Bank, and the Swiss National Bank. The votes to renew the Federal Reserve’s
participation in these standing arrangements occur annually at the April or May FOMC meeting.
By unanimous vote, the Committee ratified the Desk’s
domestic transactions over the intermeeting period.
There were no intervention operations in foreign currencies for the System’s account during the intermeeting period.
Staff Review of the Economic Situation
The coronavirus outbreak and the measures taken to
protect public health were severely disrupting economic
activity in the United States and abroad. The available
information for the April 28–29 meeting indicated that
U.S. labor market conditions deteriorated substantially
in March and April, and real gross domestic product
(GDP) declined sharply in the first quarter of the year.
In addition, a variety of economic indicators were already pointing toward an extraordinary contraction in
GDP in the second quarter. Consumer price inflation,
as measured by the 12-month percentage change in the
price index for personal consumption expenditures
(PCE), remained below 2 percent in February.
Job losses surged in March, even though the drop in total nonfarm payroll employment reflected only those
changes that had occurred through the mid-month reference period of the establishment survey. In addition,
the unemployment rate jumped to 4.4 percent in March,
and the labor force participation rate decreased notably.
After economic shutdowns started to occur on a widespread basis, initial claims for unemployment insurance
benefits skyrocketed in the second half of March
through the first half of April, a development that
pointed to substantial job losses in April. Nominal wage
growth remained moderate, as average hourly earnings
for all employees increased 3.1 percent over the
12 months ending in March.
Total PCE price inflation and core PCE price inflation,
which excludes consumer food and energy prices, both
increased 1.8 percent over the 12 months ending in February. The trimmed mean measure of 12-month PCE
price inflation constructed by the Federal Reserve Bank
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of Dallas was 2.0 percent in February. The consumer
price index (CPI) rose 1.5 percent over the 12 months
ending in March, and the core CPI increased 2.1 percent
over the same period. The total CPI rose less than the
core CPI mostly because of substantial declines in consumer energy prices, which were reflecting significantly
lower crude oil prices. Recent readings on survey-based
measures of longer-run inflation expectations were little
changed on balance. The University of Michigan Surveys of Consumers measure for the next 5 to 10 years
edged up in April, and the 3-year-ahead measure from
the Federal Reserve Bank of New York’s Survey of Consumer Expectations edged down in March; both
measures remained in their recent ranges.
Real PCE declined steeply in the first quarter of the year.
The components of the nominal retail sales data used to
estimate PCE, along with the sales of light motor vehicles, fell substantially in March, reflecting the effects of
the widespread economic shutdowns. Moreover, the
consumer sentiment measures from both the Michigan
and the Conference Board surveys deteriorated substantially over March and April. Real disposable personal
income was about flat in the first quarter, so the personal
saving rate moved up notably with the decline in spending.
In contrast to other sectors of the economy, real residential investment expanded strongly in the first quarter
as a whole, although housing-sector activity had started
to slow dramatically late in the quarter. Starts and building permit issuance for single-family homes, along with
starts of multifamily units, tumbled in March. In addition, sales of both new and existing homes contracted
sharply in March, and survey measures of builders’ sentiment plunged in April.
Real business fixed investment slumped in the first quarter following moderate declines over the previous three
quarters. Spending for business equipment fell considerably in the first quarter, led by a sharp decrease in purchases of transportation equipment. Business investment in nonresidential structures also dropped notably.
The coronavirus outbreak and the effects on economic
activity of measures to contain it, together with the associated elevated level of uncertainty, were likely reflected in recent downbeat readings on business sentiment in national and regional surveys and appeared to
weigh heavily on business investment. In addition, the
effects of substantial further declines in crude oil prices
were being seen in the falling number of crude oil and
natural gas rigs in operation through late April, an indicator of business spending on structures in the drilling
and mining sector.
Total industrial production fell precipitously in March,
as the coronavirus outbreak led many factories to close
late in the month. The decline in manufacturing output
was led by a pullback in the production of motor vehicles and related parts. Output in the mining sector—
which includes crude oil extraction—also decreased significantly in the wake of the recent declines in crude oil
prices.
Total real government purchases only edged up in the
first quarter, led by a modest increase in federal purchases. State and local purchases were about flat, reflecting the effects of public school closures beginning in
mid-March.
Real exports declined sharply in the first quarter. However, imports declined at a much faster rate so that net
exports made a sizable positive contribution to GDP
growth. Much of the quarterly decline in trade volumes
reflected a sharp drop in March due to weak demand
globally and disruptions related to the coronavirus outbreak. The fall in exports was concentrated in services,
particularly those parts of the sector held down by travel
restrictions.
Foreign economic activity fell sharply in the first quarter
of the year amid widespread mandatory business shutdowns and strict social-distancing measures to contain
the spread of the coronavirus outbreak. In China, where
lockdowns were first implemented, real GDP contracted
sharply in the first quarter, and Canada, Korea, and Singapore also saw substantial declines. Monthly indicators
suggested that activity also plummeted in March and
April in many other economies, particularly in the euro
area and the United Kingdom, which both saw purchasing managers indexes fall to record-low levels. Many
foreign governments announced large fiscal packages to
address the sudden loss of income by firms and households. Many foreign central banks cut policy rates, initiated or enhanced credit facilities, relaxed capital requirements for financial institutions, and ramped up asset
purchase programs to alleviate liquidity concerns in foreign capital markets. Foreign inflation fell steeply, reflecting large drops in energy prices related to plunging
oil prices, while core inflation pressures generally remained muted.
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Staff Review of the Financial Situation
In the middle part of March, financial markets experienced record declines in the prices of risky assets, widespread illiquidity, and elevated volatility, as uncertainty
regarding the effects of the coronavirus outbreak on the
global economy jumped. However, following the announcement and subsequent launching of a number of
Federal Reserve emergency liquidity programs, the passage of the Cares Act (Coronavirus Aid, Relief, and Economic Security Act), and early signs of a decline in outbreak intensity in the United States and many major foreign economies, the extreme volatility and illiquidity subsided and prices of most risky assets increased notably.
Over the intermeeting period, on net, the S&P 500 index
rose, option-implied volatility fell, and Treasury yields
declined, while corporate bond spreads widened somewhat. Financing conditions for businesses, households,
and state and local governments were strained over the
intermeeting period. However, the Federal Reserve’s
announcements and start-ups of emergency liquidity facilities appeared to improve conditions in many of these
markets. These facilities were established with the approval of the Secretary of the Treasury under the authority of section 13(3) of the Federal Reserve Act and were
designed to support the flow of credit to businesses,
households, and state and local governments.
Treasury markets experienced extreme volatility in midMarch, and market liquidity became substantially impaired as investors sold large volumes of medium- and
long-term Treasury securities. Following a period of extraordinarily rapid purchases of Treasury securities and
agency MBS by the Federal Reserve, Treasury market liquidity gradually improved through the remainder of the
intermeeting period, and Treasury yields became less
volatile. Although market depth remained exceptionally
low and bid-ask spreads for off-the-run securities and
long-term on-the-run securities remained elevated, bidask spreads for short-term on-the-run securities fell
close to levels seen earlier in the year. Yields on nominal
Treasury securities declined across the maturity spectrum, with the 10- and 30-year yields ending the period
near all-time lows. A straight read of market quotes suggested that the expected federal funds rate would remain
under 25 basis points through 2022. Measures of inflation compensation based on Treasury InflationProtected Securities (TIPS) ended the period higher, on
net, but were still low by historical standards. Inflation
compensation fell sharply in the first half of March but
subsequently recovered, as overall financial conditions
and TIPS liquidity improved. The market for agency
MBS also experienced substantial stresses in mid-March,
and agency MBS spreads to Treasury yields widened and
were volatile. However, market conditions for agency
MBS improved significantly in the second half of March,
supported by the Federal Reserve’s additional purchases
of these securities.
Stock price indexes were exceptionally volatile early in
the intermeeting period, and one-month option-implied
volatility on the S&P 500 index reached a record high.
Equity market volatility moved down substantially over
the remainder of the intermeeting period but remained
elevated, and equity prices more than retraced their earlier declines to end the intermeeting period notably
higher. Broad stock price index increases over the intermeeting period were led by the energy, consumer discretionary, basic materials, and health-care sectors. Broad
equity price indexes remained, however, markedly below
peaks registered earlier this year. Corporate bond
spreads over comparable-maturity Treasury yields widened sharply in the beginning of the intermeeting period,
and they subsequently retraced most of their increases to
end up only somewhat higher on net. Corporate bond
spreads at the end of the intermeeting period still stood
significantly above their levels in January.
In short-term funding markets, strains intensified in
mid-March. Spreads of yields of term money market instruments over comparable-maturity overnight index
swap rates increased sharply, and issuance of unsecured
commercial paper, negotiable certificates of deposit, and
short-term municipal debt declined substantially and
shifted to very short maturities. Institutional prime
money market funds (MMFs) experienced heavy redemptions and reportedly faced difficulties selling assets
amid impaired secondary-market liquidity. The announcements and start-ups of several Federal Reserve
emergency liquidity facilities in the second half of March
helped stabilize short-term funding markets, and, by the
end of the intermeeting period, spreads had narrowed
across the board. Repo rates were elevated in midMarch but normalized following the very large inflows
of funds into government MMFs, the expansion of the
Federal Reserve’s repo operations, and the announcement of the PDCF. The effective federal funds rate was
at the top of the target range for a few days following
the March FOMC meeting and, after declining in the
second half of March, stayed at around 5 basis points for
most of April.
Early in the period, cascading shutdowns in many countries weighed heavily on risk sentiment abroad. Many
foreign financial markets experienced severe illiquidity
and substantial volatility, and foreign equity indexes
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posted large declines. However, extraordinary monetary
and fiscal policy actions in the United States and abroad
helped improve market sentiment, and most major foreign equity indexes subsequently rebounded notably.
That said, compared with early this year, foreign equity
indexes stayed sharply lower, and option-implied equity
volatility abroad remained elevated. Advanced-economy sovereign yields were also volatile, but most sovereign yields ended the period somewhat lower. By the
end of the intermeeting period, policy rates in most major advanced foreign economies (AFEs) were at or near
their effective lower bounds. In mid-March, Emerging
Market Bond Index (EMBI) spreads widened sharply,
and capital outflows from EMEs reached record levels.
As global sentiment improved somewhat, those capital
outflows slowed and EMBI spreads partially retraced
earlier increases.
Strong demand for dollars amid flight to safety globally,
together with disruptions in U.S. short-term funding
markets, caused severe strains in funding markets for
dollars abroad, especially early in the intermeeting period. The premiums paid by investors to borrow dollars
using the foreign exchange swap market over the costs
of directly borrowing dollars widened sharply as the end
of the first quarter approached. FOMC actions, including several changes to the standing central bank liquidity
swap lines and a temporary expansion in the number of
central bank counterparties, as well as the announcement of the FIMA (Foreign and International Monetary
Authorities) Repo Facility, notably improved conditions
in the foreign exchange swap market. Nonetheless, conditions in this market remained strained.
Over the period, the staff’s broad dollar index increased,
with the dollar appreciating modestly against AFE currencies and notably against EME currencies. Currencies
of vulnerable commodity exporters, such as Mexico and
Brazil, depreciated sharply. At the end of the intermeeting period, the broad dollar index remained significantly
higher than at the beginning of the year.
Financing conditions for nonfinancial businesses were
strained in March, particularly for lower-rated firms and
small businesses. Federal Reserve announcements of facilities to support the flow of credit to businesses, households, and state and local governments appeared to improve financing conditions in many markets, although
conditions had yet to normalize. Issuance of speculative-grade bonds and leveraged loans was extremely low
in March but resumed, at a slow pace, in April. Investment-grade issuance, while relatively slow in early
March, was robust following the Federal Reserve’s announcements in late March of the Primary Market Corporate Credit Facility and the Secondary Market Corporate Credit Facility. Conditions in the market for corporate bonds and loans improved further in response to
the Federal Reserve’s announcement in April that it
would expand these facilities to include firms that had
been recently downgraded to just below investmentgrade status.
Commercial and industrial (C&I) lending conditions
were somewhat tight. Although C&I loans increased
strongly, this increase was largely driven by firms drawing down existing lines of credit; they reportedly did so
to shore up liquidity for precautionary motives and to
meet funding needs. In the April Senior Loan Officer
Opinion Survey on Bank Lending Practices (SLOOS),
banks reported having tightened their C&I lending
standards and terms for firms of all sizes. Credit quality
and the earnings outlook of nonfinancial corporations
deteriorated substantially, and market analysts forecast a
large volume of downgrades of nonfinancial corporate
bonds, including a substantial volume from triple-B to
speculative grade. Credit conditions for small businesses
were tight. Concerns about the finances of state and local governments contributed to a marked deterioration
in credit conditions in the municipal bond market in
March. Although strains lessened amid Federal Reserve
announcements on emergency lending facilities to support the flow of credit and liquidity to state and local
governments—specifically, expansions to the MMLF
and the CPFF and the establishment of the Municipal
Liquidity Facility—spreads remained high and issuance
subdued at the end of the intermeeting period.
Financing conditions for commercial real estate (CRE)
were strained. Non-agency commercial mortgagebacked securities (CMBS) issuance shut down, although
secondary-market spreads narrowed following the extension of the Term Asset-Backed Securities Loan Facility (TALF) to include non-agency CMBS as eligible collateral. Meanwhile, agency CMBS issuance continued,
supported by the Federal Reserve’s purchases of these
securities. Most April SLOOS respondents reported
having tightened lending standards for CRE loans. CRE
loans on banks’ books increased in the second half of
March, in part because banks were unable to securitize
some nonresidential loans.
Financing conditions in residential mortgage markets
were tight for low-rated borrowers and other borrowers
who rely on nonconforming mortgages. Many mortgage
originators and warehouse lenders announced tighter
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underwriting standards on new originations. Despite a
considerable widening of the spread between the primary mortgage rate and MBS yields, primary mortgage
interest rates were low by historical standards, and available indicators suggested that refinancing activity remained elevated. The volume of mortgage rate locks for
home-purchase loans dropped materially in early April,
reflecting in part declines in homebuyer demand and disruptions in the home search and purchase process.
Financing conditions in consumer credit markets tightened somewhat on net. Spreads on consumer assetbacked securities jumped in mid-March, and primarymarket issuance came to a halt. However, in response
to the announcement of the TALF and to diminished
broader financial market uncertainty, spreads retraced
most of their increase in the early part of the period, and
primary-market issuance resumed. Though banks in the
April SLOOS reported tightening standards on new
consumer loans, respondents also experienced weaker
demand for all consumer loan types. Auto loan interest
rates dropped sharply in early April as manufacturers introduced attractive financing programs to boost sales.
The staff assessed the stability of the financial system
during the coronavirus outbreak. The banking sector,
including the large banks, was resilient coming into this
period. Banks were able to meet surging demand for
draws on credit lines while also building loan loss reserves to absorb higher expected defaults. In other parts
of the financial system, however, some notable vulnerabilities that had been identified in previous financial stability assessments exacerbated financial strains. In
March, institutional prime MMFs and other institutions
relying on unstable funding sources faced significant
stress, a situation that put in jeopardy the orderly functioning of some financial markets. Federal Reserve actions to enhance the liquidity and functioning of key
markets reduced these stresses notably. Open-end mutual funds that invest in corporate bonds and loans—
institutions that typically face a timing mismatch between investors’ ability to redeem shares and the funds’
ability to sell assets—experienced heavy outflows and liquidity strains in mid-March. Redemptions later eased,
however, amid the general improvement in financial
markets. Business debt, which appeared to be high compared with fundamentals before the coronavirus outbreak, seemed poised to rise further as businesses borrowed to maintain their capacity to restart operations.
Values of CRE faced the risk of large declines in response to the coronavirus outbreak, although updated
readings were not yet available. The staff provided a preliminary reading on potential emerging risks to financial
stability in the aftermath of the coronavirus outbreak.
This reading highlighted possible vulnerabilities in mortgage servicers, insurance companies, and large, highly
leveraged financial intermediaries.
Staff Economic Outlook
The projection for the U.S. economy prepared by the
staff for the April FOMC meeting was downgraded notably from the March meeting forecast in response to
information on the spread of the coronavirus and the
measures undertaken to contain it both at home and
abroad. U.S. real GDP was forecast to plummet and the
unemployment rate to soar in the second quarter of this
year. The substantial fiscal policy measures and monetary policy support that had been put in place were expected to help mitigate the deterioration in economic
conditions and help boost the recovery.
The staff noted that, importantly, the future performance of the economy would depend on the evolution
of the coronavirus outbreak and the measures undertaken to contain it. Under the staff’s baseline assumptions that the current restrictions on social interactions
and business operations would ease gradually this year,
real GDP was forecast to rise appreciably and the unemployment rate to decline considerably in the second half
of the year, although a complete recovery was not expected by year-end. Inflation was projected to weaken
this year, reflecting both the deterioration in resource
utilization and sizable expected declines in consumer energy prices. Under the baseline assumptions, economic
conditions were projected to continue to improve, and
inflation to pick back up, over the next two years.
The staff observed that uncertainty regarding the economic effects of the coronavirus outbreak was extremely
elevated and that the historical behavior of the
U.S. economy in response to past economic shocks provided limited guidance for making judgments about how
the economy might evolve over coming quarters. In
light of the significant uncertainty and downside risks associated with the evolution of the coronavirus outbreak,
how much the economy would weaken, and how long it
would take to recover, the staff judged that a more pessimistic projection was no less plausible than the baseline
forecast. In this scenario, a second wave of the coronavirus outbreak, with another round of strict restrictions
on social interactions and business operations, was assumed to begin around year-end, inducing a decrease in
real GDP, a jump in the unemployment rate, and renewed downward pressure on inflation next year. Compared with the baseline, the disruption to economic activity was more severe and protracted in this scenario,
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with real GDP and inflation lower and the unemployment rate higher by the end of the medium-term projection.
Participants’ Views on Current Conditions and the
Economic Outlook
Participants noted that the coronavirus outbreak was
causing tremendous human and economic hardship
across the United States and around the world. The virus and the measures taken to protect public health were
inducing sharp declines in economic activity and a surge
in job losses. Weaker demand and significantly lower oil
prices were holding down consumer price inflation. The
disruptions to economic activity here and abroad had
significantly affected financial conditions and had impaired the flow of credit to U.S. households and businesses.
Participants judged that the effects of the coronavirus
outbreak and the ongoing public health crisis would continue to weigh heavily on economic activity, employment, and inflation in the near term and would pose considerable risks to the economic outlook over the medium term. Participants assessed that the second quarter
would likely see overall economic activity decline at an
unprecedented rate. Participants relayed information
from their Districts that the burdens of the present crisis
would fall disproportionately on the most vulnerable
and financially constrained households in the economy.
Participants agreed that recently enacted fiscal programs
were delivering valuable direct financial aid to households, businesses, and communities that would provide
some relief during the economic shutdown. In addition,
economic activity was being supported by actions taken
by the Federal Reserve, including lending facilities created under the authority of section 13(3) of the Federal
Reserve Act, some of which included capital allocated by
the U.S. Treasury. These programs had helped maintain
the flow of credit to households, businesses, and state
and local governments, while supporting the smooth
functioning of financial markets.
Regarding the economic activity of households, participants noted that the pandemic and efforts to mitigate the
spread of the disease were having severely adverse effects on aggregate household spending and consumer
confidence. Participants reported that consumer spending had plummeted across all parts of the country and in
most categories of spending, with especially sharp declines in expenditures for categories that had been most
affected by social distancing, such as hotel, fuel, air
travel, restaurant, theater, and other retail products and
services. Participants noted that even after government-
imposed social-distancing restrictions came to an end,
consumer spending in these categories likely would not
return quickly to more normal levels. Survey-based
measures of consumer confidence also plunged, a development that participants and District contacts attributed
to households’ concerns regarding the risk of job loss or
difficulty in meeting financial obligations. Participants
noted that some households experiencing job losses may
not immediately face lower total income because of the
support from recently enacted fiscal programs. Even in
such cases, however, participants observed that household spending would likely be held down by a decrease
in confidence and an increase in precautionary saving.
Participants noted that business activity and investment
spending had also fallen dramatically since the previous
meeting as a result of efforts to contain the coronavirus
outbreak. Manufacturing output declined sharply in
March and was expected by participants to drop even
more rapidly in April. In all Districts, some businesses
had been forced to close temporarily because of social
distancing restrictions. Businesses that were able to remain open to some degree were also substantially affected by the pandemic, with many experiencing either
substantial drops in new orders and sales or supply chain
disruptions. There were widespread reports from District contacts of firms reducing their payrolls and curtailing plans for investment spending. Some industries were
especially hard hit, including airlines, cruise ships, restaurants, and tourism. Participants reported that many
firms were seeking loans, payment deferrals, or grants to
help address critical financial obligations and that the
Paycheck Protection Program (PPP) was providing valuable assistance to small businesses in this respect. Participants also noted the disproportionate burdens or particular challenges being faced by small businesses; these
challenges included lower cash buffers, fewer financing
options, and, more recently, tighter lending standards.
Participants expressed concerns that a large number of
small businesses may not be able to endure a shock that
had long-lasting financial effects. Participants were further concerned that even after social-distancing requirements were eased, some business models may no longer
be economically viable, which could occur, for example,
if consumers voluntarily continued to avoid participating
in particular forms of economic activity. In addition,
participants expressed concern that the possibility of
secondary outbreaks of the virus may cause businesses
for some time to be reluctant to engage in new projects,
rehire workers, or make new capital expenditures.
Participants observed that conditions in the energy sector had become especially difficult. A sharp reduction
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Minutes of the Meeting of April 28–29, 2020
Page 9
in global demand for petroleum had led to unused supply that was overwhelming storage capacity, resulting in
a plunge in oil prices. Some participants expressed concern that low energy prices, if they were to persist, had
the potential to create a wave of bankruptcies in the energy sector. In addition, the agricultural sector was under severe stress due to falling prices for some farm
commodities and pandemic-related disruptions, such as
the closing of some food processing plants.
With regard to the labor market, participants noted that
incoming data confirmed that an extreme decline in employment was under way. Nationally, initial claims for
unemployment insurance benefits had totaled more than
25 million from mid-March to the time of the meeting,
and participants expected that the unemployment rate
would soon reach the highest levels of the post–World
War II period. District contacts reported that a significant portion of workers had been able to switch to working remotely. Although many employers were trying to
keep workers on their payrolls, over time, as conditions
persisted, there had begun to be widespread furloughs
and layoffs. Participants were concerned that temporary
layoffs could become permanent, and that workers who
lose employment could face a loss of job-specific skills
or may become discouraged and exit the labor force.
Participants were additionally concerned that employees
who were on low incomes would be the most severely
affected by job cuts because they were employed in the
industries most affected by the response to the outbreak
or because their jobs were not amenable to being carried
out remotely.
With regard to inflation, participants noted that it had
been running below the Committee’s 2 percent longerrun objective before the coronavirus outbreak. While
the pandemic had created some supply constraints,
which had generated upward pressure on the prices of
some goods, the pandemic had also reduced demand,
which had exerted downward pressure on prices. The
overall effect of the outbreak on prices was seen as disinflationary. In addition, a stronger dollar and lower oil
prices were factors likely to put downward pressure on
inflation, and market-based measures of inflation compensation remained very low. Participants observed that
the return of inflation to the Committee’s 2 percent
longer-run objective would likely be further delayed but
that the accommodative stance of monetary policy
would be helpful in achieving the 2 percent inflation objective over the longer run.
Participants noted that recently enacted fiscal programs
were crucial for limiting the severity of the economic
downturn. In particular, the Cares Act and other legislation, which represented more than $2 trillion in federal
spending in total, had provided direct help to households, businesses, and communities. For example, the
PPP was providing a financial lifeline to small businesses, the expansion of unemployment benefits was
helping restore lost income for laid-off workers, and the
Treasury had provided a necessary financial backstop to
many Federal Reserve lending facilities. Participants
acknowledged that even greater fiscal support may be
necessary if the economic downturn persists.
Participants commented that, in addition to weighing
heavily on economic activity in the near term, the economic effects of the pandemic created an extraordinary
amount of uncertainty and considerable risks to economic activity in the medium term. Participants discussed several alternative scenarios with regard to the
behavior of economic activity in the medium term that
all seemed about equally likely. These scenarios differed
in the assumed length of the pandemic and the consequent economic disruptions. On the one hand, a number of participants judged that there was a substantial
likelihood of additional waves of outbreak in the near or
medium term. In such scenarios, it was believed likely
that there would be further economic disruptions, including additional periods of mandatory social distancing, greater supply chain dislocations, and a substantial
number of business closures and loss of income; in total,
such developments could lead to a protracted period of
severely reduced economic activity. On the other hand,
economic activity could recover more quickly if the pandemic subsided enough for households and businesses
to become sufficiently confident to relax or modify social-distancing behaviors over the next several months.
Beyond these considerations, participants noted the risk
that foreign economies, particularly EMEs, could come
under extreme pressure as a result of the pandemic and
that this strain could spill over to and hamper U.S. economic activity. Participants stressed that measures taken
in the areas of health-care policy and fiscal policy, together with actions by the private sector, would be important in shaping the timing and speed of the
U.S. economy’s return to more normal conditions. In
addition, participants agreed that recent actions taken by
the Federal Reserve were essential in helping reduce
downside risks to the economic outlook.
Participants also noted several risks to long-term economic performance that were posed by the pandemic.
One of these risks was that workers who lose employment as a result of the pandemic may experience a loss
of skills, lose access to adequate childcare or eldercare,
_____________________________________________________________________________________________
Page 10
Federal Open Market Committee
or become discouraged and exit the labor force. The
longer-term behavior of firms could be affected as
well—for instance, if necessary but costly transmissionmitigation strategies lowered firms’ productivity; if business investment shifted down permanently; if many
firms need to adjust their business models in the aftermath of the pandemic; or if business closures, particularly those of small firms, became widespread. A few
participants noted that higher levels of government indebtedness, which would be exacerbated by fiscal expenditures that were necessary to combat the economic
effects of the pandemic, could put downward pressure
on growth in aggregate potential output.
Regarding developments in financial markets, participants agreed that ongoing actions by the Federal Reserve
had been instrumental in easing strains in some essential
financial markets and supporting the flow of credit.
These actions included large-scale purchases of Treasury
securities and agency MBS, measures to reduce strains in
global U.S. dollar funding markets, and the launch of
programs to support the flow of credit in the economy
for households, businesses of all sizes, and state and local governments. Banks had entered the crisis well capitalized and had been able to provide necessary credit to
businesses and households.
A number of participants commented on potential risks
to financial stability. Participants were concerned that
banks could come under greater stress, particularly if adverse scenarios for the spread of the pandemic and economic activity were realized, and so this sector should be
monitored carefully. Participants saw risks to banks and
some other financial institutions as exacerbated by high
levels of indebtedness among nonfinancial corporations
that prevailed before the pandemic; this indebtedness increased these firms’ risk of insolvency. The upcoming
financial stress tests for banks were seen as important
for measuring the ability of large banks to withstand future downside scenarios. A number of participants emphasized that regulators should encourage banks to prepare for possible downside scenarios by further limiting
payouts to shareholders, thereby preserving loss-absorbing capital. Indeed, historical loss models might understate losses in this context. A few participants stressed
that the activities of some nonbank financial institutions
presented vulnerabilities to the financial system that
could worsen in the event of a protracted economic
downturn and that these institutions and activities
should be monitored closely.
In their consideration of monetary policy at this meeting,
participants noted that the Federal Reserve was committed to using its full range of tools to support the U.S.
economy in this challenging time, thereby promoting its
maximum employment and price stability goals. In light
of their assessment that the ongoing public health crisis
would weigh heavily on economic activity, employment,
and inflation in the near term and posed considerable
risks to the economic outlook over the medium term, all
participants judged that it would be appropriate to maintain the target range for the federal funds rate at
0 to ¼ percent. Keeping the target range at the effective
lower bound, after quickly reducing it by 150 basis points
in March, would continue to provide support to the
economy and promote the Committee’s maximum employment and price stability goals. Participants also
judged that it would be appropriate to maintain the target range for the federal funds rate at its present level
until policymakers were confident that the economy had
weathered recent events and was on track to achieve the
Committee’s maximum employment and price stability
goals.
Participants also assessed that it was appropriate for the
Federal Reserve to continue to purchase Treasury securities and agency residential-mortgage-backed securities
(RMBS) and CMBS in the amounts needed to support
smooth market functioning. These open market purchases would continue to support the flow of credit to
households and businesses and thereby foster the effective transmission of monetary policy to broader financial
conditions. In addition, the Desk would continue to offer large-scale overnight and term repo operations. Participants noted that it was important to continue to monitor market conditions closely and that the Committee
was prepared to adjust its plans as appropriate to support
smooth functioning in the markets for these securities.
Participants also commented that the multiple lending
facilities established by the Federal Reserve under the
authority of section 13(3) of the Federal Reserve Act
and, in some cases, involving capital allocated by the
Treasury were supporting financial market functioning
and the flow of credit to households, businesses of all
sizes, and state and local governments. In this way, these
emergency lending facilities were intended to help support the economy until pandemic-related credit market
disruptions had abated. Several participants commented
further that it would be important for the Federal Reserve to remain ready to adjust these emergency lending
facilities as appropriate based on its monitoring of financial market functioning and credit conditions.
_____________________________________________________________________________________________
Minutes of the Meeting of April 28–29, 2020
Page 11
While participants agreed that the current stance of
monetary policy remained appropriate, they noted that
the Committee could, at upcoming meetings, further
clarify its intentions with respect to its future monetary
policy decisions. Some participants commented that the
Committee could make its forward guidance for the path
for the federal funds rate more explicit. For example,
the Committee could adopt outcome-based forward
guidance that would specify macroeconomic outcomes—such as a certain level of the unemployment
rate or of the inflation rate—that must be achieved before the Committee would consider raising the target
range for the federal funds rate. The Committee could
also consider date-based forward guidance that would
indicate that the target range could be raised only after a
specified amount of time had elapsed. These participants noted that such explicit forms of forward guidance
could help ensure that the public’s expectations regarding the future conduct of monetary policy continued to
reflect the Committee’s intentions. Several participants
observed that the completion, most likely later this year,
of the monetary policy framework review, together with
the announcement of the conclusions arising from the
review, would help further clarify the Committee’s intentions with respect to its future monetary policy actions. Several participants also remarked that the Committee may need to provide further clarity regarding its
intentions for purchases of Treasury securities and
agency MBS; these participants noted that, without further communication on this matter, uncertainty about
the evolution of the Federal Reserve’s asset purchases
could increase over time. Several participants remarked
that a program of ongoing Treasury securities purchases
could be used in the future to keep longer-term yields
low. A few participants also noted that the balance sheet
could be used to reinforce the Committee’s forward
guidance regarding the path of the federal funds rate
through Federal Reserve purchases of Treasury securities on a scale necessary to keep Treasury yields at shortto medium-term maturities capped at specified levels for
a period of time.
Committee Policy Action
In their discussion of monetary policy for this meeting,
members agreed that the coronavirus outbreak was causing tremendous human and economic hardship across
the United States and around the world. The virus and
the measures taken to protect public health were inducing sharp declines in economic activity and a surge in job
losses. Consumer price inflation was being held down
by weaker demand and significantly lower oil prices.
The disruptions to global economic activity had significantly affected financial conditions and impaired the
flow of credit to U.S. households and businesses. Members agreed that the Federal Reserve was committed to
using its full range of tools to support the U.S. economy
in this challenging time, thereby promoting its maximum
employment and price stability goals.
Members further concurred that the ongoing public
health crisis 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. In light of these developments,
members decided to maintain the target range for the
federal funds rate at 0 to ¼ percent. Members noted
that they expected to maintain this target range until they
were confident that the economy had weathered recent
events and was on track to achieve the Committee’s
maximum employment and price stability goals.
Members agreed that they would continue to monitor
the implications of incoming information for the economic outlook, including information related to public
health, as well as global developments and muted inflation pressures, and would use the Committee’s tools and
act as appropriate to support the economy. In determining the timing and size of future adjustments to the
stance of monetary policy, members noted that they
would assess realized and expected economic conditions
relative to the Committee’s maximum employment objective and its symmetric 2 percent inflation objective.
This assessment would take into account a wide range of
information, including measures of labor market conditions, indicators of inflation pressures and inflation expectations, and readings on financial and international
developments.
To support the flow of credit to households and businesses, members agreed that it was appropriate for the
Federal Reserve to continue to purchase Treasury securities and agency RMBS and CMBS in the amounts
needed to support smooth market functioning, thereby
fostering effective transmission of monetary policy to
broader financial conditions. In addition, the Desk
would continue to offer large-scale overnight and term
repo operations. Members agreed that they would
closely monitor market conditions and be prepared to
adjust their plans as appropriate.
At the conclusion of the discussion, the Committee
voted to authorize and direct the Federal Reserve Bank
of New York, until instructed otherwise, to execute
transactions in the SOMA in accordance with the following domestic policy directive, for release at 2:00 p.m.:
_____________________________________________________________________________________________
Page 12
Federal Open Market Committee
“Effective April 30, 2020, the Federal Open
Market Committee directs the Desk to:
•
•
•
•
•
•
Undertake open market operations as necessary to maintain the federal funds rate in
a target range of 0 to ¼ percent.
Increase the System Open Market Account
holdings of Treasury securities, agency
mortgage-backed securities (MBS), and
agency commercial mortgage-backed securities (CMBS) in the amounts needed to
support the smooth functioning of markets
for these securities.
Conduct term and overnight repurchase
agreement operations to support effective
policy implementation and the smooth
functioning of short-term U.S. dollar funding markets.
Conduct overnight reverse repurchase
agreement operations at an offering rate of
0.00 percent and with a per-counterparty
limit of $30 billion per day; the per-counterparty limit can be temporarily increased at
the discretion of the Chair.
Roll over at auction all principal payments
from the Federal Reserve’s holdings of
Treasury securities and reinvest all principal
payments from the Federal Reserve’s holdings of agency debt and agency MBS in
agency MBS and all principal payments
from holdings of agency CMBS in agency
CMBS.
Engage in dollar roll and coupon swap
transactions as necessary to facilitate settlement of the Federal Reserve’s agency MBS
transactions.”
The vote also encompassed approval of the statement
below for release at 2:00 p.m.:
“The Federal Reserve is committed to using its
full range of tools to support the U.S. economy
in this challenging time, thereby promoting its
maximum employment and price stability goals.
The coronavirus outbreak is causing tremendous human and economic hardship across the
United States and around the world. The virus
and the measures taken to protect public health
are inducing sharp declines in economic activity
and a surge in job losses. Weaker demand and
significantly lower oil prices are holding down
consumer price inflation. The disruptions to
economic activity here and abroad have significantly affected financial conditions and have
impaired the flow of credit to U.S. households
and businesses.
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. In light of these developments, the
Committee decided to maintain the target range
for the federal funds rate at 0 to ¼ percent. 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.
The Committee will continue to monitor the
implications of incoming information for the
economic outlook, including information related to public health, as well as global developments and muted inflation pressures, and will
use its tools and act as appropriate to support
the economy. In determining the timing and
size of future adjustments to the stance of monetary policy, the Committee will assess realized
and expected economic conditions relative to its
maximum employment objective and its symmetric 2 percent inflation objective. This assessment will take into account a wide range of
information, including measures of labor market conditions, indicators of inflation pressures
and inflation expectations, and readings on financial and international developments.
To support the flow of credit to households and
businesses, the Federal Reserve will continue to
purchase Treasury securities and agency residential and commercial mortgage-backed securities in the amounts needed to support smooth
market functioning, thereby fostering effective
transmission of monetary policy to broader financial conditions. In addition, the Open Market Desk will continue to offer large-scale overnight and term repurchase agreement operations. The Committee will closely monitor market conditions and is prepared to adjust its plans
as appropriate.”
Voting for this action: Jerome H. Powell, John C.
Williams, Michelle W. Bowman, Lael Brainard, Richard
H. Clarida, Patrick Harker, Robert S. Kaplan, Neel
Kashkari, Loretta J. Mester, and Randal K. Quarles.
_____________________________________________________________________________________________
Minutes of the Meeting of April 28–29, 2020
Page 13
Voting against this action: None.
•
Consistent with the Committee’s decision to leave the
target range for the federal funds rate unchanged, the
Board of Governors voted unanimously to leave the interest rates on required and excess reserve balances at
0.10 percent. The Board of Governors also voted unanimously to approve establishment of the primary credit
rate at the existing level of 0.25 percent, effective
April 30, 2020.
It was agreed that the next meeting of the Committee
would be held on Tuesday–Wednesday, June 9–10,
2020. The meeting adjourned at 10:10 a.m. on April 29,
2020.
Notation Votes
To address intensifying strains in global financial markets early in the intermeeting period, the Committee
unanimously approved the following measures to help
maintain the flow of credit to U.S. households and businesses:
• By notation vote concluded on March 19, the Committee approved amendments to the Authorization
for Foreign Currency Operations (“Foreign Authorization”) and to the Foreign Currency Directive
(“Foreign Directive”). 3 The Foreign Authorization
amendments authorized the establishment of temporary U.S. dollar liquidity arrangements (swap
lines). The Foreign Directive was amended to direct
the Federal Reserve Bank of New York to establish
and maintain temporary dollar liquidity arrangements with the Reserve Bank of Australia, the
Banco Central do Brasil, the Danmarks Nationalbank (Denmark), the Bank of Korea, the Banco de
Mexico, the Reserve Bank of New Zealand, the
Norges Bank (Norway), the Monetary Authority of
Singapore, and the Sveriges Riksbank (Sweden).
These arrangements will be in place for at least six
months. Like the Federal Reserve’s standing U.S.
dollar liquidity swap lines with the Bank of Canada,
the Bank of England, the Bank of Japan, the European Central Bank, and the Swiss National Bank,
these temporary arrangements should help lessen
heightened strains in global U.S. dollar funding markets, thereby mitigating the effects of these strains
on the supply of credit to U.S. households and businesses.
Committee organizational documents are available at
https://www.federalreserve.gov/monetarypolicy/rules_authorizations.htm.
3
•
By notation vote concluded on March 23, the Committee approved a statement indicating that the Federal Reserve will continue to purchase Treasury securities and agency MBS in the amounts needed to
support smooth market functioning and effective
transmission of monetary policy to broader financial
conditions and that these purchases will include
agency CMBS. In conjunction with approval of the
statement, the Committee also authorized and directed the Federal Reserve Bank of New York to
execute transactions in the SOMA in accordance
with these planned purchases. Previously, the Committee had announced that it would purchase at least
$500 billion of Treasury securities and at least
$200 billion of agency MBS.
By notation vote concluded on March 31, the Committee amended the Authorization for Domestic
Open Market Operations to authorize, and adopted
a resolution to approve, the establishment of a temporary repo facility for foreign and international
monetary authorities (FIMA Repo Facility).3 The
facility will be in place for at least six months and
will allow FIMA account holders to temporarily exchange their U.S. Treasury securities held with the
Federal Reserve for U.S. dollars, which can then be
made available to institutions in their jurisdictions.
By providing foreign and international monetary authorities with an alternative temporary source of
U.S. dollars other than sales of securities in the open
market, the facility should help support the smooth
functioning of the U.S. Treasury market. In addition, the FIMA Repo Facility should—along with
the U.S. dollar liquidity swap lines the Federal Reserve has established with other central banks—help
ease strains in global U.S. dollar funding markets.
By notation vote completed on April 7, 2020, the Committee unanimously approved the minutes of the Committee meeting held on March 15, 2020.
_______________________
James A. Clouse
Secretary
Cite this document
Federal Reserve (2020, April 28). FOMC Minutes. Fomc Minutes, Federal Reserve. https://whenthefedspeaks.com/doc/fomc_minutes_20200429
@misc{wtfs_fomc_minutes_20200429,
author = {Federal Reserve},
title = {FOMC Minutes},
year = {2020},
month = {Apr},
howpublished = {Fomc Minutes, Federal Reserve},
url = {https://whenthefedspeaks.com/doc/fomc_minutes_20200429},
note = {Retrieved via When the Fed Speaks corpus}
}