Fed Makes Emergency Rate Cut to Shield US Economy From Coronavirus
(Worthy News) – The Federal Reserve, in a rare emergency step, cut short-term rates by half a percentage point on March 3 to protect the U.S. economy from the growing fallout of the global coronavirus outbreak.
The Fed’s move marks the biggest one-time rate cut since the 2008 financial crisis.
The decision came two weeks before the Fed’s scheduled policy meeting. Fed Chairman Jerome Powell, during a news conference, said that the central bank has “come to the view now that this is time for us to act and support the economy.” [ Source: Epoch Times (Read More…) ]
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