Federal Reserve announces its first emergency rate cut since the financial crisis

The Federal Reserve slashed interest rates by half a percentage point in the wake of concerns that the coronavirus outbreak could damage the US economy. CNN’s Christine Romans reports.

The Federal Reserve slashed interest rates by half a percentage point on Tuesday in the wake of concerns that the coronavirus outbreak could damage the US economy.

It was the first unscheduled, emergency rate cut since 2008. It was also the biggest since one-time cut since then. The new benchmark interest rate is 1% to 1.25%.

This is a developing story. It will be updated.

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