The Federal Reserve hasn’t left itself much room to keep using interest rates to battle the coronavirus, which Fed Chairman Jerome Powell says is worse than anything the U.S. economy has faced since World War II.

© Fotokon / Shutterstock What would negative interest mean for mortgages?

America’s central bank has already slashed its benchmark interest rate down to about zero, matching the all-time low hit during the 2008 financial crisis and its aftermath.

The Fed’s record-low rates have contributed to today’s historically low mortgage rates and a range of other deeply discounted borrowing costs.

But if officials want to take interest rates even lower to spark the economy, they’re going to have to go below zero — into the strange land of negative interest

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