EURUSD News by Newsroom on 17:20 March 15, 2020 EST
The Federal Reserve in a new bid to save the U.S. economy from the fallout of the coronavirus, cut its benchmark interest rate on Sunday afternoon by a full percentage point to near zero and promising to boost its bond holdings by at least $700 billion.
The central bank also announced other actions, including letting banks borrow from the discount window for as long as 90 days and reducing reserve requirement ratios to zero percent.
The Fed will keep interest rates near zero “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 Federal Open Market Committee said in a statement. “This action will help support economic activity, strong labor market conditions, and inflation returning to the Committee’s symmetric 2% objective.”