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.
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The President hasn’t reacted yet.
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