Trump officials are rushing to head off a panic over the pain that a coronavirus epidemic could inflict on the economy as whipsawing financial markets tumbled again today
The Trump administration is rushing to head off a panic over the pain that a coronavirus epidemic could inflict on the economy as whipsawing financial markets tumbled again on Friday.
“We really have to wait for more information almost on a day-by-day basis before we can take action,” he said. “Frankly, so far [it] looks relatively contained, and … the vast majority of Americans are not at risk for this virus." Asked whether policymakers should take action to stimulate the economy, Trump responded that the central bank should further cut its target rate, which now sits between 1 percent and 1.25 percent.
“We do recognize a rate cut won’t reduce the rate of infection,” he said. “It won’t fix a broken supply chain. We get that; we don’t think we have all the answers.”
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