Fed cuts interest rate to zero in emergency move against virus shock

The U.S. Federal Reserve said Sunday it will lower its key interest rate to near zero and make massive bond purchases in its latest emergency move to shield the world's largest economy from the fallout from the new coronavirus.Based on the decision by the policy-setting Federal Open Market Committee, the central bank said it will cut its target range for the federal funds rate by 1 percentage point to 0.00 to 0.25 percent, the lowest level since 2015. The action followed an emergency rate cut of 0.50 point on March 3.The Fed also pledged to buy at least $500 billion in Treasury securities a…READ FULL ARTICLE