Fed Slashes Rates to Near Zero, Announces Crisis Management Measures

Federal Reserve Chairman Jerome Powell speaks to reporters after the Federal Reserve cut interest rates in an emergency move designed to shield the world's largest economy from the impact of the coronavirus, during a news conference in Washington, on March 3, 2020. Reuters/Kevin Lamarque

The Federal Reserve has slashed its rates to near zero and announced a range of financial crisis management measures, including the launch of a massive $700 billion quantitative easing program, as the United States grapples with the coronavirus pandemic.

In a statement, the central bank said it was cutting rates to a target range of 0 percent to 0.25 percent.