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Impact of COVID-19 on US economy

by VTV406 March 2020 Last updated at 09:52 AM

VTV.vn - On Tuesday, the US Federal Reserve (FED) decided to cut emergency interest rates at 0.5 percentage points to protect the economy from the effects of the COVID-19.

All three major indices have lost nearly 3% of their value. Industry index Dow Jones lost more than 700 points. Investors withdrew from the stock market and cash flow was poured into gold and 10-year treasury bonds. At the session's closing, the price of gold had risen to more than 1638 USD per ounce.

The Federal Reserve System (or the FED's) decision to lower interest rates seemed to stabilize the market but received concerns from investors who compared the move to what the FED did when the US economy fell into crisis in 2008. It is likely that the Fed saw that the Covid-19 epidemic will continue to have a significant impact, worsening the US's economy and the world's.

To address these problems, the Fed and representatives of the US Treasury Department held an online meeting with the financial leaders of G7 to discuss upcoming monetary policies. According to Wall Street, it is likely that the Fed will have to lower interest rates in the official meeting on March 18, if the situation continues to worsen.

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