The US Federal Reserve slashed interest rates by a full percentage point to near zero, and has announced drastic emergency measures to shore up confidence and keep the financial sector running from the coronavirus pandemic.

The Fed on Sunday made its second emergency rate cut in less than two weeks, cutting the benchmark borrowing rate to a range of 0 to 0.25 percent, where it was during the 2008 global financial crisis.

It pledged to keep it there "until it is confident that the economy has weathered recent events.

In addition to this, the Fed joined forces with other major central banks to guarantee that the global financial system has enough cash to continue to operate.

In another move, it removed bank reserve requirements to allow them to use cash backstops.

