Virus spread prompts Fed to slash rates in surprise move

WASHINGTON (AP) — In a shock switch, the Federal Reserve slash its benchmark hobby rate by a good half-percentage point Tuesday as a ability to beef up the financial system within the face of the spreading coronavirus. Chairman Jerome Powell mentioned at a news conference that the virus “will absolutely weigh on financial drawl every right here and in a foreign nation for some time.” It became the Fed’s first switch since final twelve months, when it reduced its key brief-duration of time rate three times.
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