Breaking: Fed cuts rates to near zero and will purchase $500 billion in Treasurys, $200 billion in mortgage-backed securities, citing economic disruptions from coronavirus
WASHINGTON—The Federal Reserve slashed its benchmark interest rate to near zero on Sunday and said it would buy $700 billion in Treasury and mortgage-backed securities in an aggressive bid to prevent market disruptions from aggravating what is likely to be a severe slowdown from the coronavirus pandemic.
“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...
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