April 09, 2020: The uncertainty around the duration and severity of global coronavirus pandemic creates “major downside risks” to the US economy, the Federal Reserve said Wednesday.

But while the shutdowns imposed to contain the virus create a hardship for businesses and households, it should not have the lasting impact that was seen in the wake of the global financial crisis in 2008, the Fed said in the minutes of the March 15 emergency policy meeting, when the central bank slashed the benchmark interest rate to zero.

AFP/APP

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