Fed enacts emergency half-percentage-point rate cut in response to coronavirus fears
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Treasury Secretary Steven Mnuchin, testifying on Capitol Hill, praised the Fed for the rate cut.
“This is going to have an impact in the short term on the economy. It’s very different than the financial crisis. The good news here is there will be an end in sight,” he said.
The U.S. markets responded positively to the Fed’s actions and moved into positive territory after opening flat, before later giving up the gains.