President Donald Trump has signalled his approval of the Fed's move last weeks to slash the benchmark lending rate to zero, saying central bank chair Jerome Powell has 'done a really good job,' in a reversal of previous criticism over his refusal to lower rates. – EPA pic, March 24, 2020.
THE Federal Reserve launched an unprecedented effort today to flood the US economy with money amid the chaos caused by the coronavirus pandemic, as Congress debated a rescue plan for American workers and companies. Like patients around the world battling the disease itself, the US economy is on life support, with some forecasters projecting a 14% contraction in the April-June quarter while the global economy could shrink 1.5% this year.
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