In a statement, the central bank said it was cutting rates to a target range of 0% to 0.25%. The US Federal Reserve has taken emergency action to lower interest rates to near zero over coronavirus concerns and warns of the virus' risks to the country's economic future. Starting in 2008, the Fed cut its key rate to near zero and kept it there for seven years. Fed officials have indicated that they're unlikely to cut rates below zero. 'Shifting hundreds of billions of dollars of assets quickly doesn't happen without central bank intervention,' LeBas said.

Source: Daily Mail March 15, 2020 21:17 UTC