The Federal Reserve took emergency action Sunday and slashed its benchmark interest rate by a full percentage point to nearly zero and announced it would purchase more Treasury securities to encourage lending to try to offset the impact of the coronavirus outbreak.
Coronavirus: US Fed lowers interest rates to near zero, eases bank lending rules
A screen displays the US Federal Reserve interest rates announcement as traders work on the floor of the New York Stock Exchange (NYSE) in New York, US, October 30, 2019. (File photo: Reuters)
The Associated Press, Washington
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