Growing concerns over the potential economic impact of the coronavirus has prompted the Federal Open Market Committee to cut interest rates.
The Federal Reserve committee is cutting interest rates by 0.5 percentage points to a 1-1.25% target range.
"My colleagues and I took this action to help the U.S. economy keep strong in the face of new risks to the economic outlook," said Federal Reserve Chairman Jerome Powell.
The coronavirus outbreak is still growing, bringing some businesses, especially in Asia, to a halt. Last week, global markets, including the Dow, tumbled due to the virus' impact.
The committee says it hopes the rate cut will help "avoid a tightening of financial condition" and "help boost household and business confidence."
