Fed Cuts Rates by Half Due to Coronavirus
The Federal Reserve said in a statement on Tuesday that it has cut US interest rates by half a point in an unusual move ahead of its upcoming monthly policy meeting March 17-18 in order to mitigate threats to the economy stemming from the novel coronavirus outbreak.
“The fundamentals of the US economy remain strong,” the statement said. “However, the coronavirus poses evolving risks to economic activity. In light of these risks and in support of achieving its maximum employment and price stability goals, the Federal Open Market Committee decided today to lower the target range for