Fed on hold in first policy meeting under Biden administration

Unanimous vote comes amid signs of possible further fiscal stimulus; new voting members join FOMC

Jerome Powell
Photo: US Federal Reserve/Flickr

The Federal Reserve kept its key policy tools on hold today (January 27), in its first meeting since Joe Biden took up the US presidency.

The federal funds rate remains at 0–0.25% and the Fed will continue buying assets at a rate of $120 billion a month. The Fed’s total assets reached $7.4 trillion on January 18.

In the post-meeting press conference, Fed chair Jerome Powell said the central bank had already deployed “forceful actions to provide relief and stability”. He added the Fed would

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