The Federal Reserve is stepping in to help the coronavirus-stricken economy, making an emergency announcement today that it will cut interest reates to near-zero and inject $700 billion into a quan…
program. The actions are the largest single day set of moves the bank had ever taken.
The new fed funds rate will now be targeted at 0%-0.25%. That rate is used as a benchmark for short-term lending for financial institutions and is a guide to many consumer rates.
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