G7 Held Call on Coronavirus, Only the Fed Did Anything

“Finance ministers from the richest nations and their central bankers held a rare conference call early Tuesday. They pledged to do whatever it takes to support a global economy under acute threat from the coronavirus,” Bloomberg reports.

“When they hung up the phone, only a single institution sprang into action. The U.S. Federal Reserve cut its benchmark interest rate by a half-point — the biggest reduction, and the first one outside of scheduled meetings, since the crisis year of 2008.”