Fed Makes Emergency Rate Cut to Shield US Economy From Coronavirus

Central bank's move marks the biggest one-time rate cut since 2008 financial crisis

Federal Reserve Chair Jerome Powell announces a half percentage point interest rate cut during a speech in Washington, on March 3, 2020. Mark Makela/Getty Images

WASHINGTON—The Federal Reserve, in a rare emergency step, cut short-term rates by half a percentage point on March 3 to protect the U.S. economy from the growing fallout of the global coronavirus outbreak.

The Fed’s move marks the biggest one-time rate cut since the 2008 financial crisis.