US slashes rates of interest amid coronavirus risk

The United States reserve bank has slashed interest rates in action to mounting issues about the financial effect of the coronavirus.

The Federal Reserve reduced its benchmark rate by 50 basis indicate a series of 1%to 1.25%.

The emergency situation relocation follows the G7 group of financing ministers promised action earlier on Tuesday.

It follows warnings that downturn from the outbreak could tip countries into recession.

In a declaration, the Fed said that the United States economy remained “strong. The coronavirus presents developing dangers to economic activity”.

” In light of these threats and in assistance of achieving its maximum work and price stability objectives, the Federal Open Market Committee choose