WASHINGTON - The US Federal Reserve cut interest rates for the second time in less than two weeks on Sunday in another emergency move to help shore up the US economy amid the rapidly escalating global coronavirus pandemic."The effects of the coronavirus will weigh on economic activity in the near term and pose risks to the economic outlook. In light of these developments, the Committee decided to lower the target range," the Fed said in a statement.
"The Committee expects to maintain this target range until it is confident that the economy has weathered recent events and is on track to achieve its maximum employment and price stability goals," the Fed said. US President Donald Trump said the Federal Reserve’s decision on Sunday to cut interest rates was “good news” and “makes me very happy” as he congratulated the central bank for taking further action aimed at helping shore up the US economy amid the global coronavirus pandemic.
The Fed already cut interest rates by half a percentage point on March 3 at an emergency meeting, the first rate cut outside of a regularly scheduled policy meeting since the financial crisis in 2008.Related Stories:
how bad issue
Loans Loans Latest News, Loans Loans Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »