News & Press

Mainebiz | What the Fed rate cut means for Maine businesses and consumers

Mar 16, 2020

Seeking to calm financial markets and investors amid the global coronavirus outbreak, the Federal Reserve Bank slashed its benchmark interest rate to near zero and announced it will increase its bond holdings by $700 billion.

Following an emergency Sunday meeting, the Fed Open Market Committee said it will continue to monitor the implications of incoming information for the economic outlook, including information related to public health, and indicated that it’s prepared to step in again.