Via Fox News:
The Federal Reserve slashed interest rates Tuesday in an emergency move to cushion the U.S. economy from the coronavirus outbreak, driving a short-lived market rally.
The central bank’s 50 basis-point reduction, the largest cut since the 2008 financial crisis, took its benchmark fed funds rate to a range of 1 percent to 1.25 percent. The move followed heavy pressure from President Trump, who wants an even deeper reduction, and a massive selloff last week in U.S. equities.
“The spread of the coronavirus has brought new challenges and risks,” Fed Chairman Jerome Powell said in a news conference on the central bank’s decision. “The virus has afflicted many communities around the world, and the outbreak has also disrupted economic activity in many countries. The virus and the measures being taken to contain it will surely weigh on economic activity, both here and abroad, for some time.”