Fed Makes Emergency Rate Cut to Shield Economy From Coronavirus Impact

Federal Reserve Board Chairman Jerome Powell testifies before the Senate Banking Committee in a hearing on the semi-annual monetary policy report to Congress on Capitol Hill in Washington, on Feb. 12, 2020. Reuters/Yuri Gripas

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 impact of the global coronavirus outbreak.

The half-point cut is the biggest in more than a decade and prompted a jump on the major stock indexes.