The U.S. Federal Reserve cut interest rates to near zero on Sunday in another emergency move to help shore up the U.S. economy amid the rapidly escalating coronavirus pandemic.
"It's very hard to say how big the effects will be or how long they will last.
That's going to depend of course on how widely the virus spreads, which is something that is highly uncertain and I would say, in fact, unknowable, " said Fed Chair Jerome Powell.
He also warned of the limits of their policy, "We don't have the tools to reach individuals and particularly small businesses and other businesses and people who may be out of work… we don't have those tools… this is a multifaceted problem and it requires answers from different parts of the government and society."
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