US Federal Reserve cuts interest rates in response to coronavirus impact, aiming to support economy

From Google: 2024-08-22 12:11:00

The US Federal Reserve announced that cutting interest rates would be appropriate amidst growing concerns about the impact of the coronavirus on the global economy. The decision comes after emergency rate cuts by other central banks in response to the economic uncertainty caused by the outbreak.

Economic analysts predict that the US economy will experience slower growth as a result of the coronavirus outbreak. The Federal Reserve’s decision to cut interest rates is seen as a preemptive measure to cushion the economy against potential disruptions caused by the virus.

The Federal Reserve’s move to cut interest rates is aimed at supporting businesses and consumers by reducing borrowing costs. The decision is also seen as a way to mitigate the potential negative impact of the coronavirus on financial markets and the broader economy.

The interest rate cut by the Federal Reserve is the first emergency rate cut since the 2008 financial crisis. The move is part of a coordinated effort by central banks around the world to stimulate economic growth and stabilize financial markets in response to the uncertainty caused by the coronavirus outbreak.



Read more at Google: US Fed: Interest rate cut ‘appropriate’ – The Manila Times