The Federal Reserve on Tuesday cut interest rates amid concern about the potential economic toll of the coronavirus outbreak.
The Federal Open Market Committee (FOMC), which sets Fed interest rates, announced it would cut its baseline interest rate range by 0.5 percentage points to a 1 to 1.25 percent spread.
“The fundamentals of the U.S. economy remain strong. However, the coronavirus poses evolving risks to economic activity,” the FOMC said Tuesday in a statement. “In light of these risks and in support of achieving its maximum employment and price stability goals, the Federal Open Market Committee decided today to lower the target range for the federal funds rate by 1/2 percentage point, to 1 to 1‑1/4 percent.”
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Trump called on the Fed to slash rates even further in a tweet shortly after the bank announced the emergency cut.
“The Federal Reserve is cutting but must further ease and, most importantly, come into line with other countries/competitors. We are not playing on a level field. Not fair to USA. It is finally time for the Federal Reserve to LEAD. More easing and cutting!” Trump tweeted.
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JUST IN: Fed cuts interest rate by half a percentage point amid coronavirus concerns https://t.co/Zl6vAyYY2R pic.twitter.com/leoa5yXasg
— The Hill (@thehill) March 3, 2020
Not helping. Last I looked, the Dow was down about 700 points.
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