The U.S. Federal Reserve and global central banks moved aggressively on Sunday t...
WASHINGTON - The U.S. Federal Reserve and global central banks moved aggressively on Sunday to buttress a world economy unraveling rapidly amid the coronavirus pandemic, with the Fed slashing interest rates to near zero, pledging hundreds of billions of dollars in asset purchases and backstopping foreign authorities with the offer of cheap dollar financing.
FILE PHOTO: U.S. Federal Reserve Chairman Jerome Powell speaks to reporters after the Federal Reserve cut interest rates in an emergency move designed to shield the world's largest economy from the impact of the coronavirus, during a news conference in Washington, U.S., March 3, 2020. REUTERS/Kevin Lamarque/File PhotoON THE U.S. ECONOMIC OUTLOOK
“It’s very hard to say how big the effects will be or how long they will last. That’s going to depend of course on how widely the virus spreads, which is something that is highly uncertain and I would say, in fact, unknowable.”“We thought it was quite important for us to take strong measures to support proper market functioning in important markets.”“We do not see negative policy rates as likely to be an appropriate policy response here in the United States.
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