translated from Spanish: To curb coronavirus’s economic effects, edF lowers its interest rate

The Us Federal Reserve (EDF) lowered its interest rates on Tuesday, an emergency decision to protect its economy from the impact of the coronavirus. Through a statement, the entity officiating as the central bank of the northern country reported a reduction by half a percentage point of its rates, which were in a range of 1% to 1.25%. 
“The fundamentals of the U.S. economy remain strong. However, the coronavirus poses risks to economic activity,” the Fed said in a statement.

The decision was expected for the next meeting of the agency’s board on March 17 and 18. However, the measure was up-to-date today afternoon, through a statement. In this way, it reflects the urgent nature of the actions necessary to avoid the possibility of a global recession. 

“Coronavirus poses evolving risks to economic activity. In light of these risks and in support of achieving its maximum employment and price stability targets, the EDF today decided to reduce the target range for the federal funds rate by half a percentage point,” states the entity’s statement led by Jerome Powell.Se it hopes that the measure will be imitated in the coming hours by the world’s major central banks, following an agreement between the G7 finance ministers and central bankers. In this note:

Original source in Spanish