The US Federal Reserve has lowered its interest rate to almost zero and pumped out almost $700 billion in stimulus measures. 

Fed chairman Jerome Powell said on Sunday that the COVID-19 pandemic was having a “profound” effect on the economy. 

Central banks in Canada, the UK and other countries have also cut rates in an effort to boost confidence amid uncertainty caused by the virus. 

Photo credit: File

The Fed’s target range is now between 0% and 0.25%. 

US President Donald Trump, who has long called for rate cuts, said he was pleased by the move. 

The last time rates were so low was during the financial crisis of 2008.