Coronavirus: Federal Reserve cuts interest rates to 0%

In an unprecedented move, the Federal Reserve has made an emergency economic intervention, slashing interest rates to 0% in an effort to buoy markets during uncertainty caused by the coronavirus.

"The effects of coronavirus will weigh on economic activity in the near term and pose risks to the economic outlook," Reserve officials said in a statement. "The Committee expects to maintain this target range until it is confident that the economy has weathered recent events and is on track to achieve its maximum employment and price stability goals."