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Fed slashes rates in emergency coronavirus move; US death toll hits 62

Policymakers were not due to hold their next interest-rate setting meeting until March 17-18.

US Federal Reserve | Federal Reserve | Coronavirus


With panic buying on Main Street and fear-driven sell-offs on Wall Street, the US Federal Reserve cut interest rates to near zero on Sunday in another emergency move to help shore up the US economy amid the rapidly escalating global coronavirus pandemic. The Fed already cut interest rates by half a percentage point on March 3 at an emergency meeting, the first emergency cut since the financial crisis in 2008. The central bank said it was cutting rates to a target range of 0% to 0.25%. US President Donald Trump called the move "terrific" and "very good news." ...

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First Published: Mon, March 16 2020. 03:08 IST