The Federal Reserve just cut its benchmark interest rate — but don’t expect lower mortgage rates as a result.
The Fed made the rare move to lower the federal funds rate by a half-point to a range of 1% to 1.25% in between its regularly scheduled meetings. The central bank noted that the move was in response to the “evolving risks” the COVID-19 coronavirus outbreak poses to the economy.
The novel coronavirus first emerged around Wuhan, China, late last year. As of Tuesday, there were 91,313 cases and 3,118 deaths worldwide.
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