Feds Cut Interest Rate by Half a
Percentage Point on Coronavirus Fears Announced on Tuesday,
the cut is the largest since 2008, just
prior to the Great Recession. In approving the unusual cut,
Fed leaders cited the onset of the coronavirus. Fed Statement, via 'The Washington Post' The vote among leaders of the
U.S. central bank to approve the
rate cut was unanimous. Also on Tuesday,
finance ministers of the G-7 nations
held a conference to coordinate economic
efforts in light of the crisis. G-7 Statement, via 'The Washington Post' News of the cut initiated a short-lived
surge on Wall Street, though the Dow
Jones quickly returned to correction territory. The reported number of those infected
with the coronavirus exceeded 90,000,
on Tuesday. The U.S. reported the
second death due to the virus.
