On Tuesday morning, March 3, the US Federal Reserve met in “emergency session,” which is outside of the normally scheduled Federal Open Market Committee (FOMC) meetings. The Fed reduced its benchmark interest rate by 0.50 percent. This policy change was “aimed at shielding the US economy from disruptions caused by the global spread of COVID-19.”
This is the first time that the US central bank has made a move like this since the financial crisis in 2008.
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