STUART: 10:00 EASTERN. DO WE HAVE NEWS FOR YOU?
BLAKE BURMAN, BLAKE IT, PLEASE.
REPORTER: FEDERAL RESERVE WILL
CUT BY 50 BASIS POINTS.
I WILL READ THE STATEMENT BY THE
FED IN FULL.
QUOTE, FUNDAMENTALS OF THE U.S.
ECONOMY REMAIN STRONG HOWEVER
THE CORONAVIRUS POSES EVOLVING
RISKS TO ECONOMIC ACTIVITY.
IN LIGHT OF THESE RISKS AND IN
SUPPORT OF ACHIEVING ITS MAXIMUM
EMPLOYMENT AND PRICE STABILITY
GOALS THE FEDERAL OPEN MARKET
COMMITTEE DECIDED TODAY TO LOWER
THE TARGET RATE RANGE FOR THE
FEDERAL FUNDS RATE BY ONE-HALF A
PERCENTAGE POINT TO 1 TO .25%.
THE COMMITTEE IS CLOSELY
MONITORING DEVELOPMENTS AND
ECONOMIC OUT LOOK AND WILL USE
ITS TOOLS TO ACT AS APPROPRIATE
TO SUPPORT THE ECONOMY, VOTING
FOR THE ECONOMY WERE LIST OF FED
MEMBERS INCLUDING JAY POWELL.
HEADLINE HERE.
HEADLINE HERE. 50 POINT BASIS CUT.
AT THE WHITE HOUSE, STUART, YOU
KNOW THAT THIS IS SOMETHING THAT
THE PRESIDENT HAS BEEN
CHAMPIONING FOR, FOR NOT ONLY
FOR THE FED TO JUMP IN, BUT
POTENTIALLY EVEN TO JUMP IN DUE
TO CORONAVIRUS.
TO CORONAVIRUS. I ASKED THE PRESIDENT YESTERDAY
DO YOU THINK THE FED NEEDS TO
TAKE AN EMERGENCY MEASURE.
THE PRESIDENT SAID TO ME
YESTERDAY, STUART, QUOTE, I
GUESS THE MARKET IS UP TODAY,
OUR COUNTRY IS VERY STRONG
ECONOMICALLY AS YOU KNOW.
THAT IS A WRONG QUOTE.
IN ANY EVENT THE PRESIDENT TOLD
ME WAS WAITING FOR THE CENTRAL
BANKS TO SEE WHAT THEY WOULD DO
TODAY.
TODAY. AS WE KNOW THERE WAS A G7
FINANCE MINISTERS CONFERENCE
CALL THAT TOOK PLACE AT ABOUT
7:00 EARLIER THIS MORNING.
NOW WE KNOW THE ACTION FROM THAT
CALL, 50 POINT BASIS CUT,
SOMETHING THAT THE WHITE HOUSE
GENERALLY SPEAKING HAS BEEN