Home News Fed cuts interest rates to zero percent amid coronavirus fallout

Fed cuts interest rates to zero percent amid coronavirus fallout

176
0
fed-cuts-interest-rates-to-zero-percent-amid-coronavirus-fallout

The Hill:

The Federal Reserve on Sunday slashed
interest rates to zero percent and announced it would purchase $700
billion in bonds and securities to stabilize financial markets and
support the economy.

The
Federal Open Market Committee (FOMC), the Fed’s monetary policymaking
panel, announced Sunday it would cut its baseline interest rate range to
0 to 0.25 percent, drastically increase purchases of Treasury bonds and
mortgage-backed securities, and take several other steps to allow
banks, businesses, and households weather a sharp economic downturn.

“The actions we have announced today will help American families and businesses in our entire economy weather this difficult period, and will foster a more vigorous return to normal once the disruptions from the current coronavirus abate,” said Federal Reserve Chair Jerome Powell during a Sunday conference call with reporters.

Read more at The Hill