Federal Reserve cuts interest rate to near-zero in emergency coronavirus move

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Federal Reserve cuts interest rate to near-zero in emergency coronavirus move

In the wake of a numerous wild swings in the global equity markets including Wall St. over the recent past stoked by a slew of panic-driven sell-offs amid growing worries over coronavirus outbreak, US Federal Reserve had slashed interest rate to near-zero late on Sunday, the 15th of March 2020 as a part of another emergency move to insulate the US economy from the clattering claws of a rapidly spreading coronavirus’ impact.

On top of that, in an unprecedented turn of event, for the second time since the ages of great financial depression in 2008, the Federal Reserve had decided to slash interest rate to a target range between 0% to 0.25% in order to flesh up the trading floor amid an abruptly dismantling investors’ confidence, nonetheless, earlier this month, the US Central Bank had unanimously voted to axe the interest rate by 50 basis percentage point in a coronavirus-driven emergency move for the first time since 2008.

Meanwhile, followed by the US Fed’s latest move to axe interest rate to near zero and dovish remarks that the US Central Bank would be holding interest rate in these territories until signs of improvements on US economy, branding the move “terrific” and “very good news,” the US President Donald Trump said late on Sunday (March 15th), “We’re learning from watching other countries.

It’s a very contagious virus ... but it’s something that we have tremendous control of. ” As of Sunday (March 15th) night, US officials had recorded over 3,000 coronavirus cases and 62 deaths.