In recent decades, expansions have ended when asset price bubbles — like the mid-2000s housing boom — got out of control, rather than at the hands of too-high inflation.“Sustainably achieving maximum employment and price stability depends on a stable financial system,” the Fed said in its statement. We continue to believe that specifying a numerical goal for employment is unwise because the maximum level of employment is not directly measurable and changes over time for reasons unrelated to monetary policy. Regarding employment, the revised statement reflects the Fed's view that a robust job market can be sustained without causing an outbreak of inflation and the maximum level of employment is a broad-based and inclusive goal.Fed Chair Powell is expected to provide some clarity about Fed's monetary policy in virtual remarks to the Jackson Hole annual economic symposium including keeping short-term interest rates near zero for five years or possibly more. It allows API clients to download millions of rows of historical data, to query our real-time economic calendar, subscribe to updates and receive quotes for currencies, commodities, stocks and bonds. On Sunday alone, Ohio ordered all bars and restaurants closed indefinitely, Nike shuttered all its stores at least through March 27 and airlines announced drastic cuts to their international flight schedules.Businesses are instructing staff to work from home, and travel and entertainment are being particularly affected as people take steps to observe social distancing to avoid infection.As the fallout spreads across the economy, the risk of a recession is mounting. “Or get people to travel. Jerome H. Powell said the central bank would focus its efforts on fostering a strong labor market while tolerating higher inflation.Our new consensus statement, like its predecessor, explains how we interpret the mandate Congress has given us, and describes the broad framework that we believe will best promote our maximum employment and price stability goals. Or buy cars.” In conjunction with his remarks, the Fed released an outline of its long-run policy plan.“Our revised statement emphasizes that maximum employment is a broad-based and inclusive goal,” Mr. Powell said in the remarks. The Federal Reserve has left the target range for its federal funds rate unchanged at 0-0.25 percent on July 29th, 2020 but opened the door for further monetary easing to support the world’s largest economy through the pandemic. Potential homebuyers and refinancers with mortgages could score even lower rates in the coming weeks. Central bankers and investors have pressed governments to do more to support their economies given monetary ammunition is running low and because fiscal policy can be targeted at corners of an economy that need it most.“The Federal Reserve is prepared to use its full range of tools to support the flow of credit to households and businesses and thereby promote its maximum employment and price stability goals,” it said.To support smooth functioning in the Treasury and mortgage backed securities market, the Fed said it would lift its holdings of Treasury securities by at least $500 billion and of MBS by at least $200 billion.Cleveland Fed President Loretta Mester cast a lone dissent, preferring rates were instead cut to a 0.5%-0.75% range.The Fed’s actions followed the Trump administration and Congress’s first comprehensive steps Friday to assure the public that it has a coordinated public health and fiscal policy response.“The fact that the Fed saw it as necessary to act with the meeting just three days away speaks to the urgency of the matter. The broad-spectrum of tools engaged shows the Fed is contending with more than just an economic shock.”The dramatic Sunday evening move was not the Fed’s first big attempt to provide support. Powell said that he did not think negative rates, which have been used in Europe and Japan, would be appropriate policy in the U.S.President Donald Trump, who as recently as Saturday “It makes me very happy and I want to congratulate the Federal Reserve,” he said. That move -- alone -- failed to comfort investors and stocks ended the day down almost 3%.“The Fed’s mantra has been to go early and aggressive, so this is the best thing they could have done, they’re really inventing new stuff,” said Diane Swonk, chief economist at Grant Thornton in Chicago.She also emphasized that more action is needed from fiscal authorities.“This is not enough,” she said. The Federal Reserve slashed interest rates by half a percentage point on Tuesday, a bold attempt to give the US economy a jolt in the face of concerns about the coronavirus outbreak. Fed rate-cut impact on mortgages. A circle of stagnation has played out in countries including Japan, in which lower price gains leave less room to cut rates, limiting policymakers’ ability to stimulate the economy and resurrect inflation.“We are certainly mindful that higher prices for essential items, such as food, gasoline, and shelter, add to the burdens faced by many families, especially those struggling with lost jobs and incomes,” Mr. Powell said. AUDIO: Fed Chair Jay Powell discusses the bank’s decision to cut rates on call with reporters. If the Fed can achieve slightly higher price gains, it will translate into more room for future rate cuts — and buying that extra headroom is a crucial goal in 2020.