Virus spread prompts Fed to slash rates to near zero

Pedro Gonçalves
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Virus spread prompts Fed to slash rates to near zero

The US Federal Reserve cut interest rates to nearly zero on Sunday in another emergency move to help shore up the US economy amid the rapidly escalating global coronavirus pandemic. Chairman Jerome Powell said at a news conference that the virus "will surely weigh on economic activity both here and abroad for some time." It was the Fed's first move since last year, when it reduced its key short-term rate three times. It's also the first time it's cut rates between policy meetings since ...

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