The U.S. Federal Reserve cut interest rates to near zero on Sunday in an emergency move to help the U.S. economy during the escalating global coronavirus pandemic. Interest rates were already cut by half a percentage point on March 3 at an emergency meeting, the first emergency cut since the financial crisis in 2008. The central bank said it was cutting rates to a target range of 0% to 0.25%. President Donald Trump called the move “terrific” and “very good news.”
As the coronavirus spreads across the U.S., the White House appealed to Americans not to hoard, reassuring them that grocery stores would be restocking. Store shelves have been stripped bare of toilet paper, sanitizing products and other items, in addition to schools being closed and large gatherings banned.
With limited testing available, U.S. officials have recorded nearly 3,000 cases and 62 deaths. Ohio and Illinois on Sunday ordered all bars and restaurants to close, although carry-out and delivery are still allowed.