Feds Cut Interest Rate by Half a <br />Percentage Point on Coronavirus Fears Announced on Tuesday, <br />the cut is the largest since 2008, just <br />prior to the Great Recession. In approving the unusual cut, <br />Fed leaders cited the onset of the coronavirus. Fed Statement, via 'The Washington Post' The vote among leaders of the <br />U.S. central bank to approve the <br />rate cut was unanimous. Also on Tuesday, <br />finance ministers of the G-7 nations <br />held a conference to coordinate economic <br />efforts in light of the crisis. G-7 Statement, via 'The Washington Post' News of the cut initiated a short-lived <br />surge on Wall Street, though the Dow <br />Jones quickly returned to correction territory. The reported number of those infected <br />with the coronavirus exceeded 90,000, <br />on Tuesday. The U.S. reported the <br />second death due to the virus.