The Guardian Reports: Federal Reserve cuts interest rates to near zero in attempt to prop up US economy
The US Federal Reserve has stepped in to help the economy, which is currently suffering from the coronavirus.
This is the Fed's more dramatic overhaul since the 2008 financial crisis. It will cut its benchmark interest rate to almost zero and it will buy $700bn in Treasury and mortgage-baked securities.
Despite efforts, the economy continues to fumble.
The outbreak has already led to large US companies including AT&T, Ford and General Motors sending workers home and has hit industries, especially the travel and leisure industry, particularly hard.
This is the second emergency rate cut in the past few weeks.
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