New Delhi, March 3 (IANS) US Federal Reserve Chairman Jerome Powell on Tuesday said that a multifaceted response is required to deal with coronavirus and the ultimate solution will need to be delivered by healthcare professionals.
In a televised press conference after the Fed slashed US benchmark policy rates by 50 basis points on Tuesday, he said that Fed’s outlook on risk due to the coronavirus spread had changed as the virus spread to many countries.
“We have begun to hear about the impact of the coronavirus on the tourism and travel industry and the industries dependent on the global supply chain,” Powell said.
However, he added that the US economy remains strong and the unemployment figures in the US are near a half a century low.
In a bid to insulate the world’s largest economy from the fast spreading coronavirus, the Federal Reserve has slashed US benchmark policy rates in the first unscheduled, emergency rate cut since the global financial crisis of 2008 as coronavirus hit the US too, leaving six dead.
The move cames after global markets logged their worst week since the 2008 global financial crisis in which the US main index, Dow Jones fell over 1,000 points multiple times.