March 4, 2020 / 9:30 AM / 25 days ago

Fed's Mester says market rout didn't force U.S. rate cut, but it was noted - CNBC

March 4 (Reuters) - The U.S. Federal Reserve’s decision to cut interest rates by 50 basis points on Tuesday was not driven by last week’s market capitulation, but it was taken into account, Cleveland Federal Reserve President Loretta Mester told CNBC in an interview.

“The risks around that outlook had gone up significantly. There’s still a lot of uncertainty about the course of the virus and what impact it’ll have,” Mester said.

“This (rate cut) was really in response to the economy and the outlook and the risks around the outlook.” (Reporting by Shubham Kalia in Bengaluru; editing by Uttaresh.V)

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