Fed cuts rates to zero

The Federal Reserve took emergency action on Sunday in response to the coronavirus pandemic.

The benchmark rate was slashed to a range of 0% to 0.25%, down from a previous target range of 1% to 1.25%.

The Fed also announced the launch of a $700 billion quantitative easing program designed to shield the economy from the impacts of the virus.

Fed officials said "the coronavirus outbreak has harmed communities and disrupted economic activity in many countries, including the United States."

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