The Fed cut interest rates to nearly zero on Sunday. The new target benchmark for the federal funds rate is between 0.0% and 0.25%, a huge drop from the previous target of between 1.00% and 1.25%. “We do recognize that a rate cut will not reduce the rate of infection; it won’t fix a broken supply chain. Last Thursday, the Fed said it would inject $1.5 trillion into the overnight repo market—a bid to preserve liquidity in the banking system—as investors continued to panic. Thursday’s action was the third time the Fed intervened in that market in a span of just four days.

Source: Forbes March 15, 2020 21:20 UTC