Federal Reserve Chairman Jerome Powell pledges that the Fed will support the economy, an effort to ease fears and a strong signal of a likely rate cut.
Federal Reserve Chairman Jerome Powell pledged Friday that the Fed will “use our tools” to support the economy, an effort to ease fears and a strong signal of a likely rate cut, perhaps at its next meeting March 17-18.
The statement said the Fed will “act as appropriate to support the economy.” It came amid a week of sharp market drops that drove stocks down roughly 13% in value. Powell said the fundamentals of the U.S. economy “remain strong,” but added that “the coronavirus poses evolving risks to economic activity.”
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