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CBS Los Angeles

Fed Slashes Interest Rates To Near Zero To Prop Up Economy During Coronavirus Pandemic

The Federal Reserve took emergency action Sunday and slashed its benchmark interest rate by a full percentage point to nearly zero and announced it would purchase $700 billion in Treasury and mortgage-backed securities to encourage lending to try to of…

The Federal Reserve took emergency action Sunday and slashed its benchmark interest rate by a full percentage point to nearly zero and announced it would purchase $700 billion in Treasury and mortgage-backed securities to encourage lending to try to offset the impact of the novel coronavirus outbreak.