Stock futures plummet even as the Fed slashes interest rates to near zero by theothersarahh
Dow futures dropped more than 1,000 points even as the Federal Reserve cut interest rates to zero and announced it would purchase $700 billion in government debt on Sunday in an extraordinary effort to stabilize the U.S. economy, which is still reeling from the effects of the global coronavirus pandemic.
Rates will remain near zero until the Fed 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. The Fed also announced that it would eliminate bank reserve requirements—the amount of cash banks are required to keep on hand at any given time—beginning on March 26 and encouraged banks to use the discount window to access quick financing; both these moves are designed to make sure banks have enough cash on hand for lending to consumers and businesses alike.
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