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Interest Rate Cut Designed to Stop the Bleeding

With the largest rate cut since 2008, the Fed aims to stabilize markets amid global spread of the coronavirus.

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Jerome Powell, chairman of the U.S. Federal Reserve, speaks during a news conference in Washington, D.C., today. Photographer: Andrew Harrer/Bloomberg

The Federal Reserve slashed interest rates by half a percentage point in the first such emergency move since the 2008 financial crisis, amid mounting concern that the coronavirus outbreak threatens to stall the record U.S. economic expansion.

The rate cut, which came between the central bank’s regularly scheduled meetings, was announced hours after Group of Seven (G-7) finance chiefs held a rare teleconference to pledge they’d do all they can to combat the fast-moving health crisis.

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