- On March 3, 2020, the Federal Reserve (FOMC) made an intra-meeting cut of 50 basis points to the federal funds rate.
- While noting that the fundamentals of the U.S. economy remain strong, the FOMC statement cited the evolving economic risks posed by the coronavirus.
- The Fed’s December economic projection called for 2.0% GDP growth in 2020, but in the March 3 statement the FOMC added that it is “monitoring developments and implications for the economic outlook.”
Read our comments published 2/27/20:
The impact of coronavirus on markets
The spread of coronavirus infections is having an impact on China’s GDP and on financial market sentiment worldwide.