The US Federal Reserve has slashed its
key interest rate from 1% to a range of between zero and 0.25% as it battles the country's recession.
In its statement, the Federal Reserve warned that "the outlook for economic activity has weakened further".
It predicted that rates would stay at the current exceptionally low levels "for some time".
It added that it was considering ways it could spend money on
supporting the economy and credit markets.
Analysts said that the key rate is now virtually zero.
"
Whether it's zero or 0.25% actually does not make a huge difference," said Holger Schmieding at Bank of America. - BBC News
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Topic: Virtually Zero Interest Rates in the US (Read 535 times)