Fed cuts interest rates over coronavirus concerns
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
You are now subscribed
Your newsletter sign-up was successful
The Federal Reserve Board announced Tuesday it was cutting interest rates by half a percentage point in response to concerns about how the coronavirus is affecting the economy.
"The fundamentals of the U.S. economy remain strong," but "the coronavirus poses evolving risks to economic activity," the Fed said in an unscheduled statement. Its benchmark funds rate now sits at 1 to 1.25 percent.
CNBC characterized the cut as an "emergency" measure since it came between the Fed's scheduled quarterly adjustments. This is the first emergency adjustment since the 2008 financial crisis. It comes after the stock market saw a dramatic fall last week, only to start to rebound on Monday.
The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Kathryn is a graduate of Syracuse University, with degrees in magazine journalism and information technology, along with hours to earn another degree after working at SU's independent paper The Daily Orange. She's currently recovering from a horse addiction while living in New York City, and likes to share her extremely dry sense of humor on Twitter.
-
Democrats push for ICE accountabilityFeature U.S. citizens shot and violently detained by immigration agents testify at Capitol Hill hearing
-
The price of sporting gloryFeature The Milan-Cortina Winter Olympics kicked off this week. Will Italy regret playing host?
-
Fulton County: A dress rehearsal for election theft?Feature Director of National Intelligence Tulsi Gabbard is Trump's de facto ‘voter fraud’ czar
-
TikTok secures deal to remain in USSpeed Read ByteDance will form a US version of the popular video-sharing platform
-
Unemployment rate ticks up amid fall job lossesSpeed Read Data released by the Commerce Department indicates ‘one of the weakest American labor markets in years’
-
US mints final penny after 232-year runSpeed Read Production of the one-cent coin has ended
-
Warner Bros. explores sale amid Paramount bidsSpeed Read The media giant, home to HBO and DC Studios, has received interest from multiple buying parties
-
Gold tops $4K per ounce, signaling financial uneaseSpeed Read Investors are worried about President Donald Trump’s trade war
-
Electronic Arts to go private in record $55B dealspeed read The video game giant is behind ‘The Sims’ and ‘Madden NFL’
-
New York court tosses Trump's $500M fraud fineSpeed Read A divided appeals court threw out a hefty penalty against President Trump for fraudulently inflating his wealth
-
Trump said to seek government stake in IntelSpeed Read The president and Intel CEO Lip-Bu Tan reportedly discussed the proposal at a recent meeting
