Federal Reserve

The central bank said Wednesday it would leave interest rates near zero and maintain its aggressive program of bond purchases in hopes of encouraging a faster rebound from the pandemic recession.

The IRS now says its own error caused thousands of non-Americans living overseas to mistakenly receive $1,200 stimulus checks — and the mistake could happen again if more stimulus money goes out.

The coronavirus triggered the sharpest economic contraction in modern history in the second quarter as the pandemic hammered the economy, the Commerce Department said Thursday.

The Fed leaves interest rates near zero as expected, and promises to use all of its tools to support the economy. Officials project unemployment above 9% at the end of this year.

"We want to go big," President Trump said as his administration seeks to boost the now stalled economy.

The White House task force announced stricter recommendations for at least the next 15 days to stop the spread of the pandemic.

The Federal Reserve cut its key interest rate to near zero — a dramatic move not seen since the depths of the 2008 financial crisis. President Trump — who has slammed the Fed — praised the move.

The Consumer Financial Protection Bureau was established to prevent the abuses that led to the 2008 financial crisis. Now the Trump administration is questioning its independent structure.

The U.S. economy is slowing down, but it keeps creating jobs at a healthy pace. Employers added 164,000 jobs last month — as analysts had projected — and the unemployment rate held steady at 3.7%.

The quarter-point cut signals growing concern at the Federal Reserve about a slowdown in the economy amid the trade war with China. The Fed last cut rates in 2008 and raised them as late as December.