U.S. Fed cuts rates to near zero amid coronavirus fears

The U.S. Federal Reserve on Sunday cut its benchmark interest rate by a full percentage point to near zero and will increase its bond holdings by at least 700 billion U.S. dollars amid fears over the coronavirus outbreak.

The Federal Open Market Committee (FOMC), the Fed's policy-making committee, decided to lower the target range for the federal funds rate to 0-0.25 percent.

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