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Fed cuts rates surprisingly

3 Mar 2020 05:35 PM

The Federal Reserve has just in unexpected move cuts interest rates by 50 basis points, noting that the Coronavirus poses a high risk with unanimous vote.

FOMC statement said that they are closely monitoring developments and working as necessary, adding that the fundamentals of the US economy remain strong. Jerome Powell will hold a press conference at 16:00 GMT.

The Fed is making the emergency move for the first time since the global financial crisis in 2008.

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