The Federal Reserve slashed interest rates to near zero percent on Sunday amid the coronavirus pandemic, and said it would purchase $500 billion in Treasury securities and $200 billion in mortgage-backed securities to support the economy and offset the negative financial impact of the COVID-19 outbreak.
"The Federal Reserve is prepared to use its full range of tools to support the flow of credit to households and businesses and thereby promote its maximum employment and price stability goals," the Federal Reserve said in a statement, adding that the COVID-19 pandemic has"harmed communities and disrupted communities in many countries."
This is the first time interest rates have been slashed to near zero since the global financial crisis.Greg McBride, chief financial analyst for Bankrate.com, said the Fed"needed to act" quickly,"before the open of Asian markets in just a few hours." Although McBride believes reducing interest rates will slightly ease the burden of existing debts, he said it's unlikely to prompt the usual surge of borrowing.
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