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The Fed said: "The corona virus outbreak has damaged communities and disrupted economic activity in many countries, including the United States." The Fed lowered interest rates to near zero on Sunday and a massive $ 700 billion A quantitative easing program to protect the economy from the impact of the US economy. Impact of the virus.

In the face of highly volatile markets, the Fed also lowered the emergency lending rate at bank discount windows by 125 basis points to 0.25% and extended the loan term to 90 days.

The new rate can be used as a benchmark for short-term loans by financial institutions and can be linked to many consumer rates. The current target is 0% -0.25%.

The Fed also reduced the reserve ratio for thousands of banks to zero. In addition, in a bank's global coordinated action, the Reserve said that Bank of Canada, the Bank of England, the Bank of Japan, the European Central Bank, the Federal Reserve and the Swiss National Bank have taken actions to increase the liquidity of the US dollar through existing dollar swap arrangements Trade within range.

Banks have lowered interest rates on swap line loans and extended the term of such loans. Fed Chairman Powell is scheduled to hold a press conference by phone at 6 pm EST. The Fed's actions appear to be the bank's biggest single-day move in history, reflecting in many ways its efforts during the financial crisis that it within months. Sunday's moves included multiple plans, interest rate cuts and quantitative easing, all within a day.

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Quantitative easing will take the form of $ 500 billion in US Treasuries and $ 200 billion in institutional-backed mortgage securities. The Fed says it will make $ 40 billion in installments starting Monday.

The Reserve lowered its interest rate from its previous target range of 1% to 1.25% and said it would maintain it at that level "until it is confident that the economy has experienced the latest events and is on track to achieve its maximum employment and price stability goals."

Cleveland Fed Chairman Loretta Mester is the only opponent. He would rather set the interest rate between 0.5% and 0.75%, which would mean a 50 basis point cut, or a halve.

In its statement, the Fed added that "it is ready to use all its tools to support the flow of credit to households and businesses, thereby promoting its maximum employment and price stability goals."

Although it is not entirely clear, it seems that the meetings already held will replace the regular meetings of the Open Market Committee.

Prior to this, the Reserve has taken several actions over the past two weeks, including a 50 basis point emergency cut in interest rates and the expansion of overnight credit products or repurchases in the financial system to $ 1.5 trillion.