Half percent drop in lending rate hopes to stabilize economy
On Tuesday, the Federal Reserve announced that it would be cutting their interest rates by half of a percent due to the strain the coronavirus has placed on the global economy. This marks the first time the Fed has cut rates between policy meetings since the 2008 financial crisis. The Fed also indicated that the spread of the virus would continue for the foreseeable future.
According to Federal Reserve Chairman Jerome Powell, the virus “will surely weigh on economic activity both here and abroad for some time.” He went on to express that banks and financial institutions would not be the ultimate solution finders saying that the “ultimate solution to this challenge will come from others, most notably health professionals.”
As the Lord Leads, Pray with Us…
- For God to lead health professionals around the nation in how to contain this disease.
- For Chairman Powell to be guided on how best to stabilize the U.S. economy.
- That the Trump Administration would effectively reduce the harm caused by this sickness.
Sources: AP, NPR, Fox News
