In its FOMC Statement the Fed pledged to hold interest raters low and increase its asset purchases.

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.

To support the flow of credit to households and businesses, over coming months the Federal Reserve will increase its holdings of Treasury securities and agency residential and commercial mortgage-backed securities at least at the current pace to sustain 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. 

Fed projections show the expected hit to the economy from Covid-19.

Dot Plot

Dot Plot of Expected Rate Hikes June 2020

The Dot Plot is a projection of the FOMC participants' expected Fed interest rate policy.

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No participant expects rates to go negative and no participants expect any hikes through 2021. 

Two participants expect at least one hine in 2022.

We are Not Thinking Nor Thinking About Thinking

Translation

We are scared to death the stock market might fall and consumers will stop buying things they do not need.

Mish

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