Trump: Fed slashing rates 'good news' for country

(15 Mar 2020) President Donald Trump on Sunday praised the Federal Reserve for cutting its benchmark interest rate to near zero and pledging to buy $700 billion in Treasury and mortgage bonds, in a move aimed at bolstering the economy in the wake of the coronavirus outbreak. Trump described the Fed's move as "really great for our country". The Fed's surprise announcement signalled its concern that the viral outbreak will depress economic growth in the coming months and that it is prepared to do whatever it can counter the risks. It cut its key rate by a full percentage point - to a range between zero and 0.25% - and said it would keep it there until it feels confident that the economy can survive a sudden near-shutdown of economic activity in the United States. Find out more about AP Archive: http://www.aparchive.com/HowWeWork Twitter:   / ap_archive   Facebook:   / aparchives   ​​ Instagram:   / apnews   You can license this story through AP Archive: http://www.aparchive.com/metadata/you...