The Federal Reserve slashed interest rates to near zero on Sunday as the coroanvirus outbreak continues to weigh on global markets, and chairman Jerome Powell said that the central bank is willing to be patient before raising rates again.
"We will maintain the rate at this level until we're confident that the economy has weathered recent events and is on track to achieve our maximum employment and price stability goals," Powell said Sunday during a press conference. "That's the test ... some things have to happen before we consider ... we're going to be watching, and willing to be patient, certainly," he added.
The Fed cut rates to a new range of 0% to 0.25% from 1% to 1.25% and said it would remain there "until it is confident that the economy has weathered recent events and is on track to achieve its maximum employment and price stability goals." This is the latest and most drastic move by the Federal Reserve since the coronavirus hit U.S. shores. Earlier this month the central bank enacted a 50 basis point emergency cut -- its first such cut since the financial crisis -- and also expanded the overnight credit offering, or repo, for the financial system up to $1.5 trillion.
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