The Federal Reserve took emergency action on Sunday to help the economy withstand the coronavirus by slashing its benchmark interest rate to near zero and saying it would buy $700 billion in Treasury and mortgage bonds.
By aggressively slashing its benchmark short-term rate to near zero and pumping hundreds of billions of dollars into the financial system, the Fed’s moves Sunday recalled the emergency action it took at the height of the financial crisis.Starting in 2008, the Fed cut its key rate to near zero and kept it there for seven years. The central bank has now returned that rate _ which influences many consumer and business loans – to its record-low level.
“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 central bank said. All told, the Fed's actions amount to a recognition that the US economy faces its most perilous juncture since the recession ended more than a decade ago.
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