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Federal Reserve cuts rates to zero and launches massive $700 billion quantitative eas

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KEY POINTS

 ➖In an emergency move Sunday, the Federal Reserve announced it is dropping its benchmark interest rate to zero and launching a new round of quantitative easing.
 ➖The QE program will entail $700 billion worth of asset purchases entailing Treasurys and mortgage-backed securities.
 ➖Markets responded negatively, with Dow futures pointing to a drop of 900 points when the market opens Monday morning.

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