FED CUT RATES OVER THE WEEKEND

 

In an unexpected move ON Sunday, the Federal Reserve announced it is dropping its benchmark interest rate to zero (was 1.00%) and will be launching a new round of quantitative easing.

The QE program will provide $500-billion worth of asset purchases, including Treasury’s and mortgage-backed securities.

It’s unclear what this will do to the markets on Monday, but this is a huge announcement.