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He mentioned central bank In a statement that he decided to reduce the target range for interest rates to between Zero 0.25 percent.
He explained The Reserve Board In the statement "The repercussions of the Coronavirus will burden economic activity in the near term and pose risks to the economic outlook. In light of these developments, the Commission decided to reduce the target range".
He continued: "The Committee expects to maintain this target range until it is satisfied that the economy has exceeded recent events and that it is moving towards achieving its goals of maximum employment and price stability".
The Fed had already cut interest rates by half a percentage point during an urgent meeting on March 3, in the first cut outside the regular policy meeting schedule since the financial crisis in 2008.
The date for the next policy-makers meeting was to decide on interest rates On the 17th and 18th of March.
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The central bank said in a statement that it had decided to reduce the target range for interest rates to between zero and 0.25 percent.
“The implications of the Corona virus will burden economic activity in the near term and pose risks to the economic outlook. In light of these developments, the committee decided to reduce the target range,” the Fed said in the statement.
He continued: “The Committee expects to maintain this target range until it is convinced that the economy has exceeded recent events and that it is moving towards achieving its goals of maximum employment and price stability.”
The Fed had already cut interest rates by half a percentage point during an urgent meeting on March 3, in the first cut outside the regular policy meeting schedule since the financial crisis in 2008.
The next policy-makers’ meeting to decide on interest rates was March 17-18.
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