United States

Coronavirus fears drive Fed to cut rates mid-cycle

WEEKLY MARKET COMMENTARY  | 

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In response to growing concerns about the economic fallout from COVID-19, on March 3, the Federal Reserve (Fed) cut their policy benchmark rate by 50 basis points ahead of the regularly scheduled mid-March meeting, leaving the target range at 1.00-1.25 percent. While some were surprised by the cut, the Fed and other central banks had telegraphed such a move in recent days. Just before the announcement, Chairman Powell and other U.S. officials met with the G7 and issued a general statement that all parties are prepared and willing to act as necessary to support the market.

 
Information in this document was prepared by DiMeo Schneider & Associates, L.L.C. and although information in this document has been obtained from sources believed to be reliable, RSM US Wealth Management LLC, DiMeo Schneider & Associates, L.L.C. and their respective affiliates do not guarantee its accuracy, completeness or reliability and are not responsible or liable for any direct, indirect or consequential losses from its use. Any such information may be incomplete or condensed and is subject to change without notice. The Frontier EngineerTM is a registered trademark of DiMeo Schneider & Associates, L.L.C.

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