Global Analysis from the European Perspective. Preparing for the world of tomorrow

Federal Reserve cuts interest rates to near zero in attempt to prop up US economy

Move is part of coordinated effort with European Central Bank and others to head off potential economic crisis due to coronavirus. The US Federal Reserve stepped in on Sunday to prop up the US economy in the face of the escalating Covid-19 crisis. In its most dramatic move since the 2008 financial crisis the Fed announced it is cutting its benchmark interest rate to near zero and said it would buy $700bn in Treasury and mortgage-backed securities as it attempts to head off a severe slowdown. Source The Guardian

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