NEW YORK - US Federal Reserve officials, at two emergency meetings last month, grew increasingly concerned by the swiftness with which the coronavirus outbreak was harming the US economy and disrupting financial markets, prompting them to take"forceful action", minutes of the meetings showed.
The first rate cut was announced on March 3 following a videoconference conducted on the evening of March 2. Barely five weeks before the surprise rate cut on March 3, Powell and his colleagues had wrapped up their first meeting of the year on Jan 29 with an air of cautious optimism. Even through mid-February policymakers felt the outbreak of the new coronavirus strain in China would likely have minimal spillovers to the rest of the world, perhaps disrupting the supply of parts and final goods from Chinese factories but not posing much in the way of a broader threat.
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