The Federal Reserve announced extraordinary actions Sunday to try to blunt the damage the coronavirus outbreak has begun to inflict on the U.S. economy. But it didn't prevent global stocks from falling sharply. APExplains what the Fed did and why.
Federal Reserve Chair Jerome Powell pauses during a news conference, Tuesday, March 3, 2020, while discussing an announcement from the Federal Open Market Committee, in Washington. In a surprise move, the Federal Reserve cut its benchmark interest rate by a sizable half-percentage point in an effort to support the economy in the face of the spreading coronavirus. Chairman Jerome Powell noted that the coronavirus "poses evolving risks to economic activity.
Collectively, its actions are intended to keep markets functioning and lending flowing to businesses and consumers. Otherwise, as revenue dries up for countless small businesses that have suddenly lost customers, these employers could be forced to lay off workers or even seek bankruptcy protection. Rather, the economic outlook, the Fed recognizes, depends mainly on how quickly the United States can arrest the spread of the virus.THE FED SLASHED ITS BENCHMARK RATE TO NEARLY ZERO:
President Donald Trump has urged the Fed to consider cutting rates below zero, but Powell said the Fed isn’t considering that now.
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