U.S. Federal Reserve Chair Jerome Powell said the coronavirus outbreak ‘will surely weigh on economic activity both here and abroad for some time’
WASHINGTON - The U.S. Federal Reserve cut interest rates on Tuesday in a bid to shield the world’s largest economy from the impact of the coronavirus, though Fed Chair Jerome Powell suggested the threat to the economy would not soon abate.
The move did little to deliver immediate comfort to financial markets roiled by fears of the virus’ impact on economic growth. Losses on Wall Street deepened. Yields on U.S. Treasuries initially fell, though later perked up slightly. U.S. Federal Reserve Chairman Jerome Powell speaks to reporters after the Federal Reserve cut interest rates in an emergency move designed to shield the world's largest economy from the impact of the coronavirus, during a news conference in Washington, U.S., March 3, 2020.
“We do recognize that a rate cut will not reduce the rate of infection, it won’t fix a broken supply chain; we get that, we don’t think we have all the answers,” Powell said. Still, he said, it will help support “overall economic activity.”
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