Update: Stock futures tumbled on the news of the rate cuts.
The Federal Reserve said Sunday it is lowering the interest rate for a second time since the coronavirus outbreak began infecting the world economy, CNBC reports.
The Reserve will lower the target range for the federal funds rate 0 to 1/4 percent.
“The committee expects to maintain this target range until it is confident that the economy has weathered recent events and is on track to achieve its maximum employment and price stability goals,” the bank said in a statement.
They will also launch a new round of $700 billion in quantitative easing.
The Federal Reserve said, “the coronavirus outbreak has harmed communities and disrupted economic activity in many countries, including the United States.”
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.
We are lucky the economy was in good shape when this began, except for the debt, of course.
The President hasn’t reacted yet.
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Total BS. Stop the nonsense over a minor infection. Stop feeding the irrational panic. More people in this country have died of the flu than have died worldwide from the virus.
Beware this lower than necessary interest drop. the international monetry fund is doing its darndest to destroy the west with reverse interest. They have put out a paper and before long they will talk the west into being cashless. This has already happing here in Aussieland