WASHINGTON –The Federal Reserve has cut its benchmark interest rate by half a percentage point in an effort to support the economy in the face of the spreading coronavirus.
With the change, the Fed’s benchmark funds rate will now be targeted in a range between 1 and 1.25 percent.
This is the Fed's first rate cut since last year, when it reduced its key short-term rate three times for a total of 75 basis points.
It is also the first time the bank has cut its key rate between policy meetings since the 2008 financial crisis and the largest rate cut since then.
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