Feds Slash Interest Rates to
Near-Zero in Response to Pandemic It is the second time in the
past two weeks that the Board of
Governors of the Federal Reserve
cut interest rates. The rates are the lowest since
the financial crisis of 2008. The lowered rates are
an attempt by the Fed
to stabilize the U.S. economy. Federal Reserve, Statement, TechCrunch The cut rates follow the most
tumultuous week on Wall Street in decades. The coronavirus pandemic has
strained global supply chains, with
major retailers running out of basics
such as toilet paper and water. Countries such as Denmark and
Poland have closed their borders.
Travel bans have been instituted all over the world. On Sunday, the CDC recommended
the suspension of gatherings of 50 people or more.