The Federal Reserve cut its benchmark interest rate to near zero and unleashed an aggressive set of additional moves aimed at stabilizing markets as the new coronavirus pushed the U.S. economy toward a recession.

The Fed, in a series of statements, said it would cut the federal-funds rate to a range between 0% and 0.25%, down 1 percentage point, and would buy $700 billion in Treasury and mortgage-backed securities, among other actions.

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