A day before the Wall Street markets open up, the Federal Reserve reduced the interest rate to zero in an attempt to protect the American economy.
The fed also announced it would purchase more Treasury securities to encourage lending by banks in an attempt to offset the coronavirus outbreak impact.
The central bank said it would be monitoring the outbreak effects and would make other decisions on the economy in needed cases.
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Breaking News
Federal Reserve Steps In AgainCutes Rates to Near Zero
Increase Treasury Holdings $500 billion
Increase MBS $200 billion— Charles V Payne (@cvpayne) March 15, 2020 [2]
The Federal Reserve lowered its interest rate target to zero Sunday to protect the economy against the coronavirus pandemic.
“The effects of the coronavirus will weigh on economic activity in the near term and pose risks to the economic outlook,” the central bank’s monetary policy committee said in an unscheduled statement.
The statement said that the central bank would leave short-term interest rates at a range of between zero and 0.25% until “it is confident that the economy has weathered recent events and is on track to achieve its maximum employment and price stability goals.” [Washington Examiner]
Federal Reserve slashes interest rates to zero in massive emergency intervention for the U.S. economy https://t.co/TIAS5w6ooP [3]
— The Washington Post (@washingtonpost) March 15, 2020 [4]
Federal Reserve cuts rates to zero and launches massive $700 billion quantitative easing program https://t.co/q6sH4ujrA0 [5]
— CNBC (@CNBC) March 15, 2020 [6]
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This piece was written by Wayne Dupree on March 15, 2020. It originally appeared in WayneDupree.com [11] and is used by permission.
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