The headquarters of the US Federal Reserve in Washington, DC. (Photo: Xinhua/ VNA)

 In a statement, the central bank said it was cutting rates to a target range of 0% to 0.25%. The statement said the effects of the coronavirus will weigh on economic activity in the near term and pose risks to the economic outlook.

In light of these developments, the Committee decided to lower the target range. The Committee expects to maintain this target range until it is confident that the economy has weathered recent events and is on track to achieve its employment and price stability goals, the Fed said.