Tuesday, August 16th, 2022 18:41:21

US Federal Reserve slashes key interest rate to almost zero in wake of economic impact of COVID-19

Updated: March 16, 2020 10:33 am

The US Federal Reserve slashed the key interest rate to virtually zero in response to the growing economic impact of the New Coronavirus.

The Fed made its second emergency rate cut in less than two weeks last night, cutting the benchmark borrowing rate to a range of 0-0.25 percent.

The rate was previously at this level during the 2008 global financial crisis. The Fed pledged to keep the rates low until it is confident that the economy has weathered recent events.

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