March 3, 2020 / 4:35 PM / in a month

Powell says coronavirus outbreak poses material risk to outlook

U.S. Federal Reserve Chairman Jerome Powell speaks to reporters after the Federal Reserve cut interest rates in an emergency move designed to shield the world's largest economy from the impact of the coronavirus, during a news conference in Washington, U.S., March 3, 2020. REUTERS/Kevin Lamarque

(Reuters) - Federal Reserve Chair Jerome Powell on Tuesday said the coronavirus poses a material risk to the economic outlook, and that change to the balance of risks drove the U.S. central bank to deliver its first emergency interest rate cut since the financial crisis.

At a press conference following the Fed’s unscheduled rate cut of half a percentage point, Powell said he expects the move to provide a meaningful boost to the economy.

Reporting By Dan Burns

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