The Federal Reserve wants financial conditions to remain accommodative as it looks to support the U.S. recovery.

As expected, the Federal Open Market Committee (FOMC) did not announce a major shift in monetary policy following the July meeting. The Fed statement included only minimal changes to reflect the economic recovery seen in May and June, while during the press conference, Fed Chair Jerome Powell emphasized the importance of the path of the pandemic on the economic outlook, noting the concerning pace of virus spread and loss in economic momentum evident in the higher-frequency indicators of consumer spending and hiring in July.