Markets fall on Fed's emergency rate cut

Wed, 04 Mar 2020

Local shares are expected to fall after the US Federal Reserve cut rates by 50 basis points to shield its economy from the coronavirus and G-7 finance ministers and central bank governors said they will use “all appropriate policy tools” to maintain sustainable growth. The Fed’s target range is now between 1 percent and 1.25 percent and Fed chair Jerome Powell said the move was in line with a global wave of central bank policy action. The G-7 statement "does reflect coordination at a high level,” he said.Yesterday, the Reserve Bank o...

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