Fed Slashes Interest Rates in Emergency Move as Coronavirus Fears Mount
The Federal Reserve slashed interest rates on Tuesday in an extraordinary attempt to pre-empt economic fallout as fears about coronavirus mounted, with policymakers voting unanimously for their biggest single cut — and first emergency rate move — since the depths of the 2008 financial crisis.
“The virus and the measures that are being taken to contain it will surely weigh on economic activity” for “some time,” Jerome H. Powell, the Fed chairman, said at a news conference in Washington following the announcement. “The magnitude and persistence” remain “highly uncertain” …continued .
[Source: New York Times]