(NewsReady.com) – The coronavirus has caused markets across the globe to fall at least a few points. The US wasn’t immune to this trend either with the DOW Jones falling over 1,100 points in one day, the largest single-day drop since 2011. In order to stabilize the economy with the coronavirus outbreak, the Federal Reserve has cut interest rates by half of a percent.
— CNBC (@CNBC) March 3, 2020
Currently, the US is at risk of entering a recession in part because of the virus. This is the first emergency cut by the Fed since 2008, so it’s clear that the virus is a threat being taken seriously. While not everyone is convinced that a rate cut will stabilize the US economy enough, it’s just one step being taken to protect Americans.
President Trump called for a further reduction in interest rates to help stabilize the economy.
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