The Fed announced an unexpected interest rate cut on Tuesday. Here's a timeline of the last 7 emergency rate cuts
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The lowered rate was the first emergency cut since the financial crisis in 2008. While bond markets had been pricing in at least a quarter-point reduction in March, the timing of the cut came as a surprise — it was expected that the Fed would make a move at its next scheduled meeting, March 17-18. "The fundamentals of the US economy remain strong. However, the coronavirus poses evolving risks to economic activity," the Federal Open Market Committee The Fed added that it was "closely monitoring developments and their implications for the economic outlook and will use its tools and act as appropriate to support the economy."
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