The European Central Bank announced a big new stimulus package for the eurozone earlier today. The ECB is restarting its quantitative easing program to buy bonds again, and pushed interest rates even deeper into the negative. The bank cut rates to a record low of -0.5%. The idea is to boost the economy by spurring lending and spending above saving. The move caught the eye of President Trump, who urged the Fed to follow suit. But experts say the conditions in the U.S. don’t warrant negative rates, and they probably wouldn’t do what Trump said he wants: to weaken the dollar to help U.S. exports.
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