The markets have been wildly convulsing recently due to global upheaval and uncertainty stemming from the coronavirus outbreak and some developments in the oil markets. As fear of recession spread, the rate cut is aimed at flooding the bond market with liquidity.
“The actions we have announced today will help American families and businesses in our entire economy weather this difficult period and will foster a more vigorous return to normal once the disruptions from the current coronavirus abate," said Jerome Powell, Federal Reserve Chairman.
