November 05, 2024 18:02 (IST)
Follow us:
facebook-white sharing button
twitter-white sharing button
instagram-white sharing button
youtube-white sharing button
Union Minister HD Kumaraswamy booked for threatening cop probing into mining case | Supreme Court upholds validity of Uttar Pradesh Madrasa Education Act | Not all private properties are community resources that govt can take over: Supreme Court | Pakistan's Lahore has become world's most polluted city with an AQI of 1900 on Sunday | Indian Army 'successfully completes' patrolling to a key point in Ladakh's Depsang region
US Federal Reserve cuts interest rates to target range of 0-0.25 pc amid COVID-19 outbreak

US Federal Reserve cuts interest rates to target range of 0-0.25 pc amid COVID-19 outbreak

| @indiablooms | 16 Mar 2020, 05:02 am

Moscow/Sputnik/UNI: The US Federal Reserve System has said in a statement that it lowered the target range for the federal funds rate to 0-0.25 percent in the wake of the coronavirus disease (COVID-19) pandemic.

"Consistent with its statutory mandate, the [Federal Open Market] Committee seeks to foster maximum employment and price stability. The effects of the coronavirus will weigh on economic activity in the near term and pose risks to the economic outlook. In light of these developments, the Committee decided to lower the target range for the federal funds rate to 0 to 1/4 percent," the statement read on Sunday.

Later in the day, US President Donald Trump welcomed the Federal Reserve's decision to lower the interest rate.

"That is really good news. That is really great for our country ... We are very happy, I have to say this, I am very happy," Trump said at a press conference, commenting on the Federal Reserve's move.  

Support Our Journalism

We cannot do without you.. your contribution supports unbiased journalism

IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.

Support objective journalism for a small contribution.
Related Images
Xi Jinping, Putin in Russia 22 Mar 2023, 02:56 pm
Related Videos