The Federal Reserve cut interest rates by 50 basis points

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The Federal Reserve cut interest rates by 50 basis points in an impromptu meeting on Tuesday as a response to the coronavirus.

The Fed said the “fundamentals of the U.S. economy remain strong” but that the coronavirus “poses evolving risks to economic activity.” The cut, which amounts to a half percentage point, lowered the current target range to between 1% and 1.25%.

Fed Chairman Jerome Powell will be holding a press conference at 11 a.m.

The decision was unanimous among the Federal Open Market Committee members.

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