United States

Federal Reserve cuts rates to near zero in emergency action

Breaking News EmailsGet breaking news alerts and special reports. The news and stories that matter, delivered weekday mornings.SUBSCRIBEMarch 15, 2020, 9:38 PM UTCBy Lucy BaylyThe Federal Reserve cut interest rates to nearly zero Sunday, an emergency move that represented its second attempt to stimulate an economy that has been ravaged by the coronavirus pandemic.By making borrowing as cheap as possible, the central bank hopes businesses and individuals will have ready access to nearly interest-free cash to invest and spend.After Sunday's move, the new borrowing rate range is between 0 percent and 0.25 percent.The action was little relief for markets, with Dow futures immediately plunging by as much as 1,000 points after the announcement an ...