Feds Slash Interest Rates to br Near-Zero in Response to Pandemic It is the second time in the br past two weeks that the Board of br Governors of the Federal Reserve br cut interest rates. The rates are the lowest since br the financial crisis of 2008. The lowered rates are br an attempt by the Fed br to stabilize the U.S. economy. Federal Reserve, Statement, TechCrunch The cut rates follow the most br tumultuous week on Wall Street in decades. The coronavirus pandemic has br strained global supply chains, with br major retailers running out of basics br such as toilet paper and water. Countries such as Denmark and br Poland have closed their borders. br Travel bans have been instituted all over the world. On Sunday, the CDC recommended br the suspension of gatherings of 50 people or more.