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March 03, 2020US MONETARY POLICY Today, in a unscheduled announcement, the US Federal Reserve reduced the Federal Funds rate 0.50 percentage points to the target range of 1.00 to 1.25 per cent. The US Federal Reserve noted that while fundamentals of US economy are strong, the coronavirus poses an evolving risk to economic activity.
The spread of the coronavirus is bringing new challenges and risks. Economic activity has been disrupted in many countries and financial markets have suffered. It is expected that the virus and containment measures will weigh on economic activity in US and globally for a period of time. Effects have already been seen in tourism, travel and global supply chains but the overall magnitude and persistence of the coronavirus impact on the economy remains highly uncertain and fluid. The US Federal Reserve noted that the ultimate solutions to the coronavirus challenge will come from others, particularly health professionals.
US Federal Reserve
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