[WASHINGTON] The US Federal Reserve cut interest rate on Tuesday in an emergency move designed to shield the world's largest economy from the impact of the coronavirus.
In a statement, the central bank said it was cutting the rate by a half percentage point to a target range of 1.00 per cent to 1.25 per cent. "The fundamentals of the US economy remain strong. However, the coronavirus poses evolving risks to economic activity. In light of these risks and in support of achieving its maximum employment and price stability goals, the Federal Open Market Committee decided today to lower the target range for the federal funds rate," the Fed said a statement.
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