Fed cuts rates sharply in response to coronavirus threat

Dow plunges 550 points, enters correction on coronavirus fears


The Federal Reserve cuts interest rates Tuesday in a rare emergency meeting, responding aggressively to the growing threat the coronavirus poses to the economy and markets.

The Fed lowered its key federal fund rates by a half a percentage point to a range of 1% to 1.25%, the central bank said in a statement.

The facade of a Federal Reserve building.


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