The US Federal Reserve has said it will slash interest rates to nearly zero and announced sweeping actions to support financial markets that have been dealt a severe blow by the coronavirus outbreak.
The central bank said on Sunday afternoon that it will cut the federal funds rate by 1 percentage point to a range of 0 per cent to 0.25 per cent. The move brings the rate to the historic low that was first set during the global financial crisis.
Its decision came as part of a broad package of measures that seeks to cushion the blow from the Covid-19 outbreak that has severely weighed on the global economy.
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