Financial markets have suffered historic losses and major companies have cancelled or withdrawn from key events and restricted travel for employees due to coronavirus fears.
President Donald Trump and administration officials have reportedly discussed financial countermeasures including tax cuts, according to aThe possibility of applying pressure for the Federal Reserve to drop interest rates was also said to be a topic of discussion, although the Fed has already indicated that such a move could be made if the situation warrants.
"The fundamentals of the U.S. economy remain strong. However, the coronavirus poses evolving risks to economic activity," Federal Reserve Chairman Jerome H. Powell said in a Friday."The Federal Reserve is closely monitoring developments and their implications for the economic outlook. We will use our tools and act as appropriate to support the economy."
The administration has been heavily criticized over their handling of the emerging health threat earlier in the week. Trump and his allies suggested that the criticism was part of a plot by Democrats to harm Republicans in the November election. The president also suggested at a Wednesday news conference that the market's plunge earlier in the week may have been due to a poor reaction to the Democratic debate on Tuesday, despite the fact that the debate occurred after two days of heavy losses had already happened.
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