U.S. Federal Reserve Slashes Key Interest Rate

The United States Federal Reserve has cut its key interest rate to the lowest level since records have been recorded as it moved from 1% to a range between zero and 0.25%.

Announcing the rate cut the Federal Reserve stated “the outlook for economic activity has weakened further” and the move was done to prevent a slide into a deeper recession. The rate cut effects what banks charge to lend to other banks overnight.

The interest rate cut has its critics as many now wonder what will follow now that the rate can’t be cut anymore.

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