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Fed Cuts Interest Rates By Half Percentage Point In Rare Inter-Meeting Move
Wednesday, 4 March 2020 00:13 WIB | FISCAL & MONETARY |The FedFederal Reserve

The Federal Reserve, in a rare inter-meeting move, on Tuesday cut its benchmark interest rate to counter the threat to the economy from the coronavirus epidemic.

In a statement, the Fed said it cut its fed funds target rate by a half percentage point to a range of 1%-1.25%.

œThe fundamentals of the U.S. economy remain strong. However, the coronavirus poses evolving risks to economic activity, the statement said.

At a press conference later, Fed Chairman Jerome Powell said officials saw the virus spreading and this represented a material change in the outlook for economic growth.

œWe™ve come to the view now that it is time to act in support of the economy. Once we reached that decision, we decided to go ahead, Powell said.

Later, he said the Fed does believe œthat our action will provide a meaningful boost to the economy.

Source : Market Watch

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