WASHINGTON, March 3. /TASS/. The US Federal Reserve System acting as the national central bank has lowered the base interest rate by 0.5 percentage point to the level of 1-1.25%, the Federal Open Market Committee (FOMC) said Wednesday after its extraordinary meeting.
"The fundamentals of the US economy remain strong. However, the coronavirus poses evolving risks to economic activity. In light of these risks and in support of achieving its maximum employment and price stability goals, the Federal Open Market Committee decided today to lower the target range for the federal funds rate by 1/2 percentage point, to 1 to 1-1/4%," the statement says.
"The Committee is closely monitoring developments and their implications for the economic outlook and will use its tools and act as appropriate to support the economy," FOMC noted.