Fed Chair Jerome Powell reiterated his view that the U.S. economy remains strong, but said the spread of the virus had caused a material change in the U.S. central bank's outlook for growth.
WASHINGTON: The U.S. Federal Reserve cut interest rates on Tuesday in a bid to shield the world's largest economy from the impact of the coronavirus, but the emergency move failed to comfort U.S. financial markets roiled by worries about a deeper, lasting slowdown.
Fed Chair Jerome Powell reiterated his view that the U.S. economy remains strong, but said the spread of the virus had caused a material change in the U.S. central bank's outlook for growth.
Celebrate Merdeka with 50% Off!
T&C applies.
![](https://cdn.thestar.com.my/Themes/img/sub_paywall_TSM.webp)