Weekly Economic and Financial Commentary – 16 March, 2020
In another surprise move, the US Federal Open Market Committee (FOMC) over the weekend cut the fed funds rate by 100bps to a range of 0-0.25%, which will be maintained until it is confident that the economy has weathered recent events and is on track to achieve its maximum employment and price stability goals.
It also plans to increase its holdings of Treasury securities by at least $500 billion and its holdings of agency mortgage-backed securities by at least $200 billion.
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