Fed Cuts Interest Rate by 50 Bps Due to Coronavirus, Highest Since 2008

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Dwi Hadya Jayani 04/03/2020 12:29 WIB

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The United States Federal Reserve (the Fed) cut its benchmark interest rate (the federal funds rate) by 50 basis points to 1-1.25%.

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Fed Cuts Interest Rate by 50 Bps Due to Coronavirus, Highest Since 2008

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The Fed's Benchmark Interest Rate

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The United States Federal Reserve (The Fed) decided to cut its benchmark interest rate (Fed Funds Rate) by 50 basis points to 1-1.25%. This is the largest cut since 2008. The spread of the coronavirus (Covid-19) is the primary reason for The Fed's decision.

Quoting from the press release on federalreserve.gov, although the US economy is strong, the virus poses a potential risk to domestic economic activity. The hope is that The Fed's decision to cut the benchmark interest rate will stimulate economic growth.

Editor : Safrezi Fitra

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."