Federal Reserve cuts rates to zero and launches massive $700 billion quantitative easing program

From CNBC:

At a press conference Sunday evening following the decision, Powell said the Fed would be patient before lifting 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.

“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 quantitative easing will take the form of $500 billion of Treasurys and $200 billion of agency-backed mortgage securities. The Fed said the purchases will begin Monday with a $40 billion installment.

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