The Federal Open Market Committee (FOMC), the Fed’s monetary policymaking panel, announced Sunday it would cut its baseline interest rate range to 0 to 0.25 percent, drastically increase purchases of Treasury bonds and mortgage-backed securities, and take several other steps to allow banks, businesses and households to weather a sharp economic downturn.
“The actions we have announced today will help American families and businesses in our entire economy weather this difficult period and will foster a more vigorous return to normal once the disruptions from the current coronavirus abate,” said Federal Reserve Chairman Jerome Powell during a Sunday conference call with reporters. Continue reading.