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UN General Assembly adopts India's resolution to declare 2023 as International Year of Millets
          
Prime Minister Narendra Modi says, India is honored to be at forefront of popularizing Millets
          
BJP CEC meets in New Delhi in wake of upcoming Assembly Elections
          
External Affairs Minister, Dr. S. Jaishanker visits Dhaka, says, Bangladesh is central to India's neighborhood first Policy
          
India commemorates Chabahar Day, External Affairs Minister says, Chabahar port facilitated delivery of humanitarian assistance during COVID-19 pandemic
          
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Mar 16, 2020
,
10:20AM
US Federal Reserve slashes key interest rate to almost zero in wake of economic impact of COVID-19
FILE PIC
The US Federal Reserve slashed the key interest rate to virtually zero in response to the growing economic impact of the new coronavirus.
The Fed made its second emergency rate cut in less than two weeks last night, cutting the benchmark borrowing rate to a range of 0-0.25 percent.
The rate was previously at this level during the 2008 global financial crisis. The Fed pledged to keep the rates low until it is confident that the economy has weathered recent events.
The central bank also announced massive asset purchases, opened its discount lending windows to banks and urged them to use it to help businesses and households. It also removed bank reserve requirements to allow them to use cash backstops.
President Donald Trump welcomed the steps taken saying it was phenomenal news.
The Fed joined forces with other major central banks to guarantee the global financial system has enough cash to continue to operate.
The action was coordinated with the European Central Bank, Bank of England, Bank of Japan, Bank of Canada and the Swiss National Bank.
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