The Federal Reserve lowered its benchmark rate to a range of 0% to 0.25% and said it would buy $700 billion in Treasury and mortgage-backed securities in an aggressive bid to prevent market disruptions.

“The coronavirus outbreak has harmed communities and disrupted economic activity in many countries, including the United States,” the Federal Open Market Committee said in a statement. “The Federal Reserve is prepared to use its full range of tools to support the flow of credit to households and businesses.”

“The coronavirus outbreak has harmed communities and disrupted economic activity in many countries, including the United States,” the Federal Open Market Committee said in a statement. “The Federal Reserve is prepared to use its full range of tools to support the flow of credit to households and businesses.”

The Fed also said that it will buy at least $500 billion in Treasury securities and $200 billion in mortgage-backed securities over the coming months, a program known as “quantitative easing.”

Meanwhile, immediately after the Federal Reserve decision, the U.S. equity futures plunged on Sunday evening. Dow Jones Industrial futures opened lower by 1,040 points, or 4.5 percent, while the S&P 500 and Nasdaq Composite were down 4.4 percent and 4.6 percent, respectively.

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