The Federal Reserve cut interest rates to near zero in another emergency move to help shore up the U.S. economy amid the rapidly escalating global coronavirus pandemic
In a complementary move, eight of the biggest U.S. banks, in a separate statement, said they would stop stock buybacks through the second quarter, “consistent with our collective objective to use our significant capital and liquidity to provide maximum support to individuals, small businesses, and the broader economy through lending and other important services.”
Sunday’s dramatic steps show “the Fed is serious, the Fed is targeting the liquidity in the credit markets and Treasury markets and trying to make certain that they operate without dislocation,” said Quincy Krosby, chief market strategist at Prudential Financial in New York. The Fed also said it would support U.S. banks that began to tap the capital and liquidity buffers they built up in the aftermath of the 2008 financial crisis and would reduce reserve requirement ratios to 0% effective on March 26.
FILE PHOTO: The Federal Reserve building is pictured in Washington, DC, U.S., August 22, 2018. REUTERS/Chris Wattie/File Photo
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