Zero interest-rate policy  

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Zero interest-rate policy (ZIRP) is a macroeconomic concept describing conditions with a very low nominal interest rate, such as those in contemporary Japan and December 2008 through December 2015 in the United States. It has begun again in the United States since March 15, 2020; the Federal Reserve cut the Fed Funds rate to nearly zero due to the ongoing COVID-19 pandemic and weakening economy. ZIRP is considered to be an unconventional monetary policy instrument and can be associated with slow economic growth, deflation, and deleverage.

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