US Federal Reserve slashes key interest rate to zero
The Federal Reserve cut interest rates by a full percentage point and launched a package of programs in an unscheduled move Sunday evening to help address problems on Wall Street
The Fed declared a $700 billion quantitative easing program ,
The moves come just days ahead of the Fed's two-day policy meeting, scheduled to begin March 17.
The action's taken by the Fed marks the second emergency action in about two weeks after the central bank cut interest rates by a half-a-percentage point on March 3, then representing its first emergency rate cut since the 2008 financial crisis.
The central bank also launched a dollar-swap plan in coordination with the Bank of Canada, the Bank of England, the Bank of Japan, the European Central Bank and the Swiss National Bank, intended to enhance liquidity in the U.S. dollar DXY, -0.642%, which had been weakening over the viral outbreak in the past 30 days, down 0.4%.
The Federal Reserve cut interest rates by a full percentage point and launched a package of programs in an unscheduled move Sunday evening to help address problems on Wall Street
The Fed declared a $700 billion quantitative easing program ,
The moves come just days ahead of the Fed's two-day policy meeting, scheduled to begin March 17.
The action's taken by the Fed marks the second emergency action in about two weeks after the central bank cut interest rates by a half-a-percentage point on March 3, then representing its first emergency rate cut since the 2008 financial crisis.
The central bank also launched a dollar-swap plan in coordination with the Bank of Canada, the Bank of England, the Bank of Japan, the European Central Bank and the Swiss National Bank, intended to enhance liquidity in the U.S. dollar DXY, -0.642%, which had been weakening over the viral outbreak in the past 30 days, down 0.4%.
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