The meeting took place days after the coronavirus outbreak began to drag on the US financial sector. The virusand infected more than 75,000 as of Wednesday morning, surpassing the death toll of 2003's SARS epidemic. The FOMC highlighted an uptick in economic growth across Asia, but warned that the spreading virus could quickly reverse any gains to gross domestic product.
The FOMC addressed a wide range of topics in the January meetings, including the possibility of a target inflation range instead of the current 2% goal. The Fed slashed its benchmark interest rate over three consecutive meetings in the second half of 2019, and has since hinted that it would keep the rate stable until inflation meets the desired level.
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