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Federal Reserve Cuts Rates by 0.5% in Surprise Move to Combat Coronavirus

Economy Mar 03, 2020 10:09AM ET
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© Reuters.

By Geoffrey Smith

Investing.com -- The Federal Reserve announced an emergency cut of 50 basis points in its key interest rate to protect the economy against what it called the "evolving risks" of the coronavirus outbreak.

"The fundamentals of the U.S. economy remain strong," the Fed said in a statement on its website. "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 the federal funds rate by 1/2 percentage point, to 1 to 1‑1/4 percent."

The Committee is closely monitoring developments and their implications for the economic outlook and will use its tools and act as appropriate to support the economy.

It's the first time the Fed has cut rates outside its normal schedule of policy meetings since the financial crisis in 2009.

Federal Reserve Cuts Rates by 0.5% in Surprise Move to Combat Coronavirus
 

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Comments (33)
Aneudy Henríquez
Aneudy Henríquez Mar 04, 2020 9:36AM ET
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but the decision is based on strong fundamentals, just like 2008... here we go. More money for more inflaction and the poorest, much poor. But that fine. Human is the only animal that never learn
Jason Patcher
Jason Patcher Mar 03, 2020 1:32PM ET
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here comes my 2975 muhahaha
Sun Moon
Sun Moon Mar 03, 2020 12:36PM ET
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Nice PANIC move.
Pwr Strk
Pwr Strk Mar 03, 2020 11:50AM ET
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What Casino Street needs is an injection of heroine
guido cuenca
guido cuenca Mar 03, 2020 11:34AM ET
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remenber  TITANIC
Celso Barros
Celso Barros Mar 03, 2020 11:15AM ET
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Was this announcement scheduled?
Tommy Naim
Tommy Naim Mar 03, 2020 10:52AM ET
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Bearish..
Andrés García
Druida Mar 03, 2020 10:52AM ET
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bearish what?
Ankit Drolia
Ankit Drolia Mar 03, 2020 10:50AM ET
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just creating more hollowness for it to burst at a later stage and shifting the problem to someone else's shoulders.
trung le
trung le Mar 03, 2020 10:49AM ET
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gotta make that orange potato head in the white house happy
Sun Moon
Sun Moon Mar 03, 2020 10:49AM ET
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good parrot
Space Lord
Space Lord Mar 03, 2020 10:49AM ET
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FED dose is best vaccine against all kind of viruses 💉
 
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