Coronavirus: US slashes rates and launches huge stimulus programme

Fed Chair Jerome PowellImage copyright Getty ImagesImage caption Federal Reserve Chairman Jerome Powell will hold a media conference later on Sunday

The US has cut interest rates to almost zero and launched a $700bn stimulus programme in a bid to protect the economy from the impact of coronavirus.

It is part of a co-ordinated action announced on Sunday in the UK, Japan, the eurozone and Switzerland.

Announcing the US move, the Federal Reserve said the “outbreak has harmed communities and disrupted economic activity in many countries”.

Fed chairman Jerome Powell will hold a news conference later on Sunday.

US President Donald Trump said the Fed’s action “makes him very happy”.

BBCNEWS

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