In a move few saw coming, the Federal Reserve passed an emergency .5% interest rate cut to protect the markets from futher harm caused by the coronavirus. In a statement after the cut was released the Fed said “the coronavirus poses evolving risks to economic activity, in light of these risks and in support of achieving its maximum employment and stability goals, the Federal Open Market Committee decided to lower the target range for federal funds by ½ percentage point.” The vote to cut rates was unanimous and comes after Australia did the same thing earlier this week. Stay tuned for more updates.

In the mean time to learn more about interest rates and how they affect you and the stock market, feel free to check out our free Interest Rates and the Economy Guide here