U.S. Federal Reserve slashes rate to near 0 in effort to offset COVID-19 impact | CBC News

U.S. Federal Reserve slashes rate to near 0 in effort to offset COVID-19 impact | CBC News

Business·Breaking

The Federal Reserve took emergency action Sunday and slashed its benchmark interest rate by a full percentage point to nearly zero and announced it would purchase more Treasury securities to encourage lending to try to offset the impact of the coronavirus outbreak.

The Associated Press ·

The U.S. Federal Reserve took emergency action Sunday and slashed its benchmark interest rate by a full percentage point to nearly zero and announced it would purchase more Treasury securities to encourage lending to try to offset the impact of the coronavirus outbreak.

The central bank said the effects of the outbreak will weigh on economic activity in the near term and pose risks to the economic outlook.

The central bank said it will keep rates at nearly zero until it feels confident the economy has weathered recent events.

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