BUSINESS Federal Reserve cuts key interest rate due to virus risk

BUSINESS

Federal Reserve cuts key interest rate due to virus risk

AFP

23:14, March 03, 2020

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File photo: Federal Reserve Board Chairman Jerome Powell speaks during a press conference following the January 28-29 Federal Open Market Committee meeting, in Washington, DC on January 29, 2020. /AFP

The US Federal Reserve implemented Tuesday an emergency rate cut, responding to the growing economic risk caused by the coronavirus epidemic and giving President Donald Trump the stimulus he has called for.

In a unanimous decision, the Fed's policy-setting committee cut its key interest rate by a half point to a range of 1.0-1.25.

In a statement, the central bank said "the coronavirus poses evolving risks to economic activity," and the Fed "is closely monitoring developments and their implications for the economic outlook."


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