The Federal Reserve cut interest rates in a bid to shield the world’s largest economy from the impact of coronavirus, though Fed Chair Jerome Powell suggested the threat to the economy would not soon diminish
WASHINGTON - The U.S. Federal Reserve cut interest rates on Tuesday in a bid to shield the world’s largest economy from the impact of the coronavirus, but the emergency move failed to comfort U.S. financial markets roiled by fears of a deep and lasting slowdown.
“The virus and the measures that are being taken to contain it will surely weigh on economic activity, both here and abroad, for some time,” Powell said in a news conference shortly after the central bank said it was cutting rates by a half percentage point to a target range of 1.00% to 1.25%. Just over a week ago most Fed officials said they expected the effects of the virus to be temporary and stuck to their view that after three rate cuts last year the U.S. economy was well-positioned to weather shocks.
The yield on the 10-year U.S. Treasury dropped below 1% for the first time ever. Interest-rate futures traders priced in further Fed rate cuts in coming months. With 90,000 cases worldwide in 77 countries and territories, the virus has upended global supply chains, with companies daily warning of hits to their sales and profits.
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