New Delhi: The US Federal Reserve has slashed interest rates as an emergency on the back of the dangers posed by coronavirus.
In a statement, the central bank of USA said it was slashing rates by a half percentage point to a target range of 1 percent to 1.25 percent, according to Reuters.
“The fundamentals of the U.S. 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.