Spread of virus has caused a material change in US central bank's outlook for growth. FMTNews Coronavirus
WASHINGTON: The US Federal Reserve cut interest rates on Tuesday in a bid to shield the world’s largest economy from the impact of the coronavirus, but the emergency move failed to comfort US financial markets roiled by worries about a deeper, lasting slowdown.
Underscoring how grave the central bank views the fast-evolving situation, it was the first rate cut outside of a regularly scheduled policymaker meeting since 2008 at the height of the financial crisis.“I do know that the US economy is strong and we will get to the other side of this; I fully expect that we will return to solid growth and a solid labour market as well.
“I think they should do more. I think they hinted that they’re not going to do much more, and that’s unfortunate. He gave a very bad signal, in my opinion,” he said of Powell. With 90,000 cases worldwide in 77 countries and territories, the virus has upended global supply chains, with companies warning daily of hits to their sales and profits.
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