Is it engaging expansionary or contractionary monetary policy?What is (are) the reason(s) for doing so?

"The Federal Reserve sets a key interest rate, called the federal funds rate, which is the rate banks charge to each other for very short-term loans. The Federal Reserve loweredthe target range for the federal funds rate to 0 to 1/4 percent. By lowering the target range, the Federal Reserve pushes down borrowing costs to help consumers and businesses handle the financial challenges posed by the coronavirus"

Is it engaging expansionary or contractionary monetary policy?What is (are) the reason(s) for doing so?