Coronavirus is giving huge problems to people all over the world and it is creating a very much negative impact on the economy as well. Right from rich and developed countries like Australia, America the poor countries like Africa are facing the storm that Corona has created. Now we are going to see its effect on the economy and bank interest rates.
Corona is terrorizing the world. The corona's name has become a terror as the corona in China has fallen and killed thousands. The number of corona victims in India has reached six. The Central govt says we are taking all the steps, so people need not worry about it. Corona is also having a profound impact on the economy it is worrying the investors also.
Recently US Federal Reserve Bank decided to cut interest rates by 50 basis points. The Federal Reserve has unanimously decided to cut interest rates as the corona's impact on the world economy continues to expand. The Fed has decided to cut interest rates for the price stability target even though the US economy is strong this confuses the citizens. This is the first time that the Fed has been urgently cutting rates since the 2008 global recession.
The Fed slashed interest rates as Corona posed a risk to a global recession. The Fed slashed rates for the first time in 2020, cutting rates to three. Fed Chairman Jerome Powell said the coronavirus effect on the US economy would last for some time.
As the US and Australian banks are taking their serious decisions over the Coronavirus outbreak, the current panic situation in India too might give positive news for the citizens. The strong sources reveal that Indian banks are looking for a decline in Interest rates to save the economy.