Coronavirus' economic threat just got real

The Fed's shocking move shows policymakers are taking the threat very seriously

Jerome Powell.
(Image credit: Illustrated | Alex Wong/Getty Images, Thomas Lohnes/Getty Images, prezent/iStock)

On Monday morning, the economic threat from the coronavirus got real for U.S. policymakers.

In a surprise announcement, the Federal Reserve said it would immediately cut its interest rate target by half a percentage point, bringing the new target to a range of 1-to-1.25 percent.

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Jeff Spross

Jeff Spross was the economics and business correspondent at TheWeek.com. He was previously a reporter at ThinkProgress.