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Fed takes emergency steps to slash rates and ease bank rules

March 16, 2020

The Fed's surprise announcement signaled its worry that the viral outbreak will depress economic growth in coming months and that it is prepared to do whatever it can counter the risks. It cut its key rate by a full percentage point - to a range between zero and 0.25% - and said it would keep it there until it feels confident that the economy can survive a sudden near-shutdown of economic activity