By Bruce Haring pmc-editorial-manager 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 quantitative easing program.
The actions are the largest single day set of moves the bank had ever taken. “The coronavirus outbreak has harmed communities and disrupted economic activity in many countries, including the United States,” the Fed said in a statement explaining the move.
The Fed also slashed the rate of emergency lending at the discount window for banks by 125 bps to 0.25%, and lengthened the term of loans to 90 days.
Read more on deadline.com
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