US Fed Lowers Benchmark Interest Rate to 0% Range... Also Begins Quantitative Easing (Update)
Base Interest Rate Lowered to 0.0~0.25%
[Asia Economy New York=Correspondent Baek Jong-min] The United States central bank, the Federal Reserve (Fed), on the 15th (local time) abruptly cut the benchmark interest rate to zero (0) level. Along with this, it also announced the purchase of assets worth $700 billion and the start of quantitative easing (QE).
In a statement released in the afternoon, the Fed announced that it would lower the benchmark interest rate by 1 percentage point from 1.00%~1.25% to 0.00%~0.25%. The Fed also decided to start a QE program worth $700 billion.
The Fed explained the decision by saying, "COVID-19 is disrupting economic activities in many countries including the United States," and "the global financial situation is also being seriously affected."
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This decision was made in coordination with major central banks. The European Central Bank, the Bank of Canada, the Bank of England, the Bank of Japan, and the Swiss National Bank announced a joint cooperation plan to secure liquidity through dollar swaps on the same day.
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