Fed cuts rates to near zero to combat coronavirus threat

Washington — The US Federal Reserve cut interest rates for the second time in less than two weeks on Sunday in another emergency move to help shore up the US economy amid the rapidly escalating global coronavirus pandemic.“The effects of the coronavirus will weigh on economic activity in the near term and pose risks to the economic outlook. In light of these developments, the committee decided to lower the target range,” the Fed said in a statement.

The Fed already cut interest rates by half a percentage point on March 3 at an emergency meeting, the first rate cut outside a regularly scheduled policy meeting since the financial crisis in 2008.President Donald Trump, who has been critical of the independent Fed for not acting more aggressively, praised the moves. “What's happened with the Fed is phenomenal news,” he said.

Congress on Saturday overwhelmingly approved a series of measures aimed at alleviating the impact of the virus on the country's economy, following days of intense discussions between administration officials and Democratic leaders in Congress. The unprecedented move follows rate cuts by central banks around the world, including the Australian Central Bank.

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