Federal Reserve slashes interest rate to near zero

Federal Reserve Chairman Jerome Powell testifies before the Senate Banking Committee on Capitol Hill in Washington, Wednesday, Feb. 12, 2020, during a hearing on the Monetary Policy Report. (AP Photo/Susan Walsh)

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The Associated Press

March 15, 2020 - 2:16 pm

Updated March 15, 2020 - 2:18 pm

WASHINGTON — The Federal Reserve on Sunday took emergency action and slashed the short-term interest rate to near zero and eases banking rules to encourage lending.

This is a developing story. Check back for updates.

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