Federal Reserve Cuts Rates to Near Zero to Fight Coronavirus Slowdown
The Federal Reserve cut its interest rate to near zero and said it would buy $700 billion in Treasury and mortgage-backed securities in an effort to prevent market disruptions from most likely will be a severe slowdown from the spread of coronavirus.
“The coronavirus outbreak has harmed communities and disrupted economic activity in many countries, including the United States,” the Fed’s rate-setting committee said in a statement Sunday. “The Federal Reserve is prepared to use its full range of tools to support the flow of credit to households and businesses.”
*Fed Chairman Jerome Powell is set to hold a news conference at 6 p.m., check back here for updates*