Coronavirus: Fed Cuts Interest Rates, New Cases in New Countries

  • Trump had repeatedly urged the Federal Reserve to promote economic growth through interest rate cuts. 
  • The new coronavirus epidemic in Europe continued to spread.
  • The first confirmed cases of new coronavirus infections have also been reported in many countries around the world.

The new coronavirus pandemic continues to have a huge impact on the U.S. economy. The Federal Reserve announced on Sunday that it would lower the benchmark interest rate to the range of 0% to 0.25%. In addition, the Federal Reserve will also launch a $700 billion quantitative easing measure to reduce the impact of the new coronavirus epidemic on the economy.

The Federal Reserve System (also known as the Federal Reserve or simply the Fed) is the central banking system of the United States of America. The U.S. Congress established three key objectives for monetary policy in the Federal Reserve Act: maximizing employment, stabilizing prices, and moderating long-term interest rates.

US President Donald Trump had repeatedly urged the Federal Reserve to promote economic growth through interest rate cuts. He later said at a White House press conference on Sunday that it is good news for the United States. On the same day, Trump also tweeted that the governors and local leaders of the U.S. states should strengthen the new coronavirus epidemic prevention measures and expand the field of virus detection.

In addition, the United States Centers for Disease Control and Prevention released a new version of its guidelines on Sunday, recommending that no gatherings with more than 50 people be held in the United States for the next eight weeks.

Outbreaks out of Control in Europe

At the same time, the new coronavirus epidemic in Europe continued to spread. Italy added 3,590 confirmed cases and 368 deaths on Sunday, setting a single-day high since the outbreak. That also raised the cumulative number of confirmed diagnoses and deaths to 24,747 and 1,809.

In addition, Spain also reported about 2,000 new confirmed cases of coronavirus and more than 100 deaths on the same day. That increased the cumulative number of diagnoses and deaths to 7,753 and 288, respectively, making it the second-most severe country in Europe.

Coronavirus disease 2019 (COVID-19), also known as 2019-nCoV acute respiratory disease (2019-nCoV ARD), and novel coronavirus pneumonia (NCP) is a viral respiratory disease caused by the 2019 novel coronavirus (SARS-CoV-2). It was first detected during the 2019–20 Wuhan coronavirus outbreak.

In France, where the mayoral elections are being held, the voter turnout rate has hit a record low due to the continued intensification of the epidemic. France added 924 confirmed cases and 36 deaths on Sunday, raising the cumulative number of diagnoses and deaths to 5,423 and 127.

The German media also reported on Sunday that the German government decided to close the border with France, Switzerland, and Austria starting at 8 AM on Monday. However, people and freight to and from the border due to work reasons will not be affected. As of Sunday, Germany has accumulated 5,813 confirmed cases and 12 deaths.

Multi-country First Cases

Apart from the coronavirus infection outbreak in Europe, the first confirmed cases of new coronavirus infections have also been reported in many countries around the world. The Republic of Congo, Central African Republic, Uzbekistan, Equatorial Guinea, and the Bahamas all reported their first confirmed cases of the new coronavirus. Macau, which has not reported new cases for more than 30 days, also reported a new confirmed case on Monday morning .

At the same time, Kazakhstan also announced on Sunday that in order to prevent the spread of the new coronavirus epidemic, the country will enter an emergency situation from 8 AM on Monday until 7 AM on April 15. During this period, except for diplomats and delegations from international organizations invited by Kazakhstan, no one is allowed to enter Kazakhstan in any way.

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Benedict Kasigara

I have been working as a freelance editor/writer since 2006. My specialist subject is film and television having worked for over 10 years from 2005 during which time I was the editor of the BFI Film and Television.

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