The US Federal Reserve cuts interest to nearly zero

The move is to support the US economy in the face of the consequences of the spread of the Coruna virus worldwide.

According to Reuters, the central bank said in a statement that it had decided to reduce the target range for interest rates to between zero and 0.25 percent.

The fallout from the Corona virus will burden economic activity in the near term and pose risks to the economic outlook, the Fed said in the statement. In light of these developments, the Commission decided to reduce the target range.

The Committee expects to maintain this target range until it is convinced that the economy has exceeded recent events and that it is moving towards achieving its goals of maximum employment and price stability.

The Fed had already cut interest rates by half a percentage point during an urgent meeting on March 3, in the first cut outside the regular policy meeting schedule since the 2008 financial crisis.

The next policymakers' meeting to decide on interest rates was March 17-18.