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Fed Cuts Interest Rates By Half Percentage Point In Rare Inter-Meeting Move

Wednesday, 4 March 2020 00:13 WIB Federal Reserve The Fed Jerome Powell

The Federal Reserve, in a rare inter-meeting move, on Tuesday cut its benchmark interest rate to counter the threat to the economy from the coronavirus epidemic. In a statement, the Fed said it cut its fed funds target rate by a half percentage point to a range of 1%-1.25%. “The fundamentals of the U.S. economy remain strong. However, the coronavirus poses evolving risks to economic activity,” the statement said. At a press conference later, Fed Chairman Jerome Powell said officials saw the virus spreading and this represented a material change in the outlook for economic growth. “We’ve come to the view now that it is time to act in support of the economy. Once we reached that...

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Monetary

At its March monetary policy meeting on Tuesday, the Reserve Bank of Australia (RBA) cut its official cash rate (OCR) by 25bps to a record low of 0.50%, as they weighed in the coronavirus outbreak

    Fiscal

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