In its most aggressive move since the financial crisis -
The Federal Reserve Tuesday cut its benchmark rate by one-half a percentage point.
The emergency measure is designed to shield the world's largest economy from the impact of the spreading coronavirus.
In a statement, the central bank said the fundamentals of the economy remain strong, but still it was cutting rates by a half percentage point to a target range of 1.00 percent to 1.25 percent...
The decision was unanimous among policymakers.
The Fed's unusual decision to cut interest rates before the next scheduled policy meeting in mid-March reflects the urgency with which the Fed feels it needs to act in order to prevent the possibility of a global recession.
Investors had been clamoring for the Fed to take action - after stocks suffered their worst losses in over a decade last week. Stocks rebounded sharply on Monday - on hopes the Fed would cut rates..
... but some on Wall Street remain skeptical a rate cut is the remedy needed to deal with the financial damage and supply chain disruptions caused by the coronavirus outbreak.