A report by the Federal Reserve released on Wednesday will provide the first sna...
WASHINGTON - A report by the Federal Reserve released on Wednesday will provide the first snapshot from the central bank’s business contacts on how deeply the coronavirus is impacting their supply chains and economic outlook and may provide some insight into the urgency that caused policymakers to cut interest rates.
The Fed lowered borrowing costs by a half percentage point on Tuesday in an emergency move to mitigate the possible economic effects of the flu-like illness on the world’s largest economy, as it kept the door open to further measures should they be required. The Fed frequently surveys its business contacts around the country and the latest temperature check of the economy will analyze the end of January through much of February. The Fed uses the survey, compiled into a report known as the Beige Book, as ground-level intelligence on the economic outlook for the months ahead as business sentiment often front-runs changes in hard economic data.
On Tuesday, Fed Chair Jerome Powell said in a hastily arranged press conference that the effects of the virus on the U.S. economy “are at a very early stage but you are hearing concerns from people, for example in the travel business or the hotel business...that’s one of the reasons why we’ve come to the view it would be appropriate for us to move to support the economy.”
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