WASHINGTON, March 3 (KUNA) -- The US Federal Reserve cut interest rates Tuesday by half a percentage point, the biggest cut since the 2008 financial crisis and the first emergency rate cut since 2008, amid the impact of the coronavirus outbreak.
"The fundamentals of the US economy remain strong. However, the coronavirus poses evolving risks to economic activity," the Federal Reserve said in a statement.
It announced that "in light of these risks and in support of achieving its maximum employment and price stability goals, the Federal Open Market Committee (FOMC) decided today to lower the target range for the federal funds rate by 1/2 percentage point, to 1 to 1.25 percent." "The Committee is closely monitoring developments and their implications for the economic outlook and will use its tools and act as appropriate to support the economy," it affirmed. (end) si.mt