Fed Chair Powell Slashes Rates to Counter Coronavirus Impact

The transcript discusses the reduction of interest rates to near zero and the measures policymakers are taking to mitigate economic hardship caused by disruptions. It forecasts a weak second quarter with declining output and outlines the intention to maintain current rates until economic stability is achieved. The transcript also mentions the use of policy tools and the unlikelihood of negative policy rates in the U.S. Finally, it provides an update on the FOMC meeting schedule.

What is the stance on negative policy rates in the United States as mentioned in the text?

What was the significance of today's FOMC meeting?