Fed resorts to first emergency rate cut since 2008 amid virus scare

The Federal Reserve on Tuesday moved ahead with its first emergency interest rate cut since the 2008 global financial crisis, saying the spread of the coronavirus poses "new risks" to economic activity in the United States and abroad.Following an emergency meeting of the policy-setting Federal Open Market Committee, the central bank decided by a unanimous vote to cut its target range for the federal funds rate by 0.50 percentage point to 1.00 to 1.25 percent."The fundamentals of the U.S. economy remain strong. However, the coronavirus poses evolving risks to economic activity," the Fed said…READ FULL ARTICLE