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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.

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