US Federal Reserve cuts interest rates to 0%

• The US Federal Reserve cut interest rates to zero.
• The Fed’s hugely surprising move comes as the world fights to prevent further damage from the rapidly-spreading coronavirus.
• The Federal Open Market Committee (FOMC) decided to lower the target range for the federal funds rate to 0 to ¼%.
• This is the second time in as many weeks the US Fed has cut interest rates as the deadly virus threatens to cause massive disruption to the world economy.
• The first and last time interest rate were zero in the US was in December 2008 at the peak of the global financial crisis.

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