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Market meltdown to persist even as US Fed slashes interest rate to all-time low

Uma Devi
Uma Devi3/16/2020 12:43 PM GMT+08  • 7 min read
Market meltdown to persist even as US Fed slashes interest rate to all-time low
As recession risks rise, the Singapore economy is looking at a 0.9% y-o-y contraction for the first quarter as the pandemic continues to spread.
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SINGAPORE (Mar 16): The US Federal Reserve pulled out all the stops on Sunday as it slashed its interest rate for the second time in just as many weeks in a bid to boost the panic-driven economy.

In an emergency meeting, the Fed lowered its target range to 0% to 0.25%, down one percentage point from the previous range of 1% to 1.25%.

It also launched a quantitative easing (QE) programme which will see it boost its bond holdings by US$700 million ($989.6 million) through asset purchases such as US Treasury bonds and mortgage-backed securities.

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