The U.S. Federal Reserve slashed interest rates Sunday and announced a big fiscal stimulus package in emergency moves to buoy an economy that has been roiled by the coronavirus pandemic.

In a statement, the central bank said it was cutting rates from 1%-1.25% down to the 0%-0.25% range. It will also re-start the “quantitative easing” process of buying bonds that increased liquidity after the 2008 financial crisis.

“The Federal Reserve is carefully monitoring credit markets and is prepared to use its full range of tools to support the flow of credit to households and businesses and thereby promote

Read more: US Federal Reserve cuts rates amid coronavirus fears