Coronavirus: US central bank makes emergency rate cut

Sun Online Desk

4th March, 2020 12:31:28 printer

Coronavirus: US central bank makes emergency rate cut

The US central bank has slashed interest rates in response to mounting concerns about the economic impact of the coronavirus.

The Federal Reserve lowered its benchmark rate by 50 basis points to a range of 1% to 1.25%.

The emergency move comes after the G7 group of finance ministers pledged action earlier on Tuesday.

It follows warnings that slowdown from the outbreak could tip countries into recession.

Federal Reserve Chair Jerome Powell said the US economy remains strong but it is difficult to predict the "magnitude and persistence" of the effects of the spreading virus, according to media report.


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