[20200413]IN11330_美联储：应对2019冠状病毒疾病的货币政策行动.pdf

CRS INSIGHT Prepared for Members and Committees of Congress INSIGHTINSIGHTi i Federal Reserve: Monetary Policy Actions in Response to COVID-19 Marc Labonte Specialist in Macroeconomic Policy April 13, 2020 The Federal Reserve (Fed) has taken a number of steps to promote economic and financial stability in response to the coronavirus pandemic (COVID-19). This Insight covers actions related to monetary policyactions intended to lower interest rates or increase overall liquidity. Due to the severity of economic disruption, actions that increase overall liquidity have not been sufficient to maintain financial stability, and the Fed has also directly lent to firms and purchased private securities. Direct Fed lending and other financial assistance in response to COVID-19 is covered in CRS Insight IN11327, Federal Reserve: Emergency Lending in Response to COVID-19, by Marc Labonte. Actions to Lower Interest Rates Federal Funds Rate Traditionally, the Fed conducts monetary policy by changing the federal funds rate, the overnight interbank lending rate. In response to COVID-19, on March 3, the Fed reduced the federal funds rate from a range of 1.5%-1.75% to a range of 1%-1.25% to stimulate