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Fed: Coronavirus Emergency Rate Cut, 50 Basis Points

Published: March 3, 2020
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Source: yahoo finance

<i> Federal Reserve Board Building, Washington D.C., Image Source: <a href='https://commons.wikimedia.org/wiki/File:Marriner_S._Eccles_Federal_Reserve_Board_Building.jpg'>Wiki Commons</a></i>
Federal Reserve Board Building, Washington D.C., Image Source: Wiki Commons

 

The Federal Reserve cut interest rates by 50 basis points in an impromptu meeting on Tuesday as a response to the coronavirus.

The Fed said the “fundamentals of the U.S. economy remain strong” but that the coronavirus “poses evolving risks to economic activity.” The cut, which amounts to a half percentage point, lowered the current target range to between 1% and 1.25%.

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