The Federal Reserve announced a surprise rate cut of half a percentage point on Tuesday in an effort to mitigate the economic impacts of the coronavirus outbreak on the U.S. economy. Despite that emergency cut, the Dow Jones Industrial Average plummeted by 785 points by the time markets closed Tuesday
The Federal Reserve announced a surprise rate cut of half a percentage point on Tuesday in an effort to mitigate the economic impacts of the coronavirus outbreak on the U.S. economy.
"The fundamentals of the U.S. economy remain strong," said a statement Tuesday from the Federal Reserve."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.
— Donald J. Trump March 3, 2020 Trump responded to the news in a separate tweet, calling for even more action. "We expect similar efforts by monetary authorities around the world, with many governments also likely stepping in with fiscal stimulus as well," Sheth added."Nonetheless, until the virus is contained, we forecast that global economic activity will slow materially."World finance leaders from the Group of 7 nations also held a call Tuesday led by Federal Reserve Chair Jerome Powell and U.S. Treasury Secretary Steven Mnuchin.
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