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According to AFP, the US Federal Reserve has announced drastic emergency measures to shore up confidence and keep the financial sector running, including slashing the key interest rate to virtually zero.
The central bank has announced massive asset purchases, opened its discount-lending windows to banks, making it easier for them to borrow from the Fed and urging them to use it to help businesses and households.
It has also removed bank reserve requirements to allow them to use cash backstops to meet unexpected funding needs.
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