The Federal Reserve on Sunday announced it is slashing interest rates to zero and buying billions of dollars in bonds, part of a sweeping emergency effort to breathe life into the faltering economy as the country hunkers down over the coronavirus.
Ahead of its scheduled policy-setting meeting Wednesday, the central bank said it expects to keep rates at zero "until it is confident that the economy has weathered recent events and is on track to achieve its maximum employment and price stability goals.
"The Fed said it will increase its holdings of U.S. government bonds by at least $500 billion and its holdings of agency mortgage-backed securities by at least $200 billion, moves that will lower the cost of longer-term debt and support the housing market, much like it did during and after the 2008 financial crisis.
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