CNBC: Federal Reserve cuts rates to zero and launches massive $700bn QE program

CNBC reports:

– In an emergency move Sunday, the Federal Reserve announced it is dropping its benchmark interest rate to zero and launching a new round of quantitative easing.

– The QE program will entail $700 billion worth of asset purchases entailing Treasurys and mortgage-backed securities.

The Federal Reserve, saying “the coronavirus outbreak has harmed communities and disrupted economic activity in many countries, including the United States,” cut interest rates to near-zero on Sunday and launched a massive $700 billion quantitative easing program to shelter the economy from the effects of the virus.

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