4 Mar 2020

Covid-19: US announces emergency interest rate

From Morning Report, 7:19 am on 4 March 2020

The United States Federal Reserve has announced an emergency interest rate for the first time since the 2008 financial crisis.

It has slashed interest rates by half a percentage point in response to concerns that the coronavirus outbreak could damage the economy.

It follows Australia's slashing of its official cash rate to a record low of just 0.50 percent.

Michael Mackenzie is a markets editor at the Financial Times.

He speaks to Susie Ferguson.