Jim Cramer weighs in on the Federal Reserve's rate cut.
The move, which was unanimously agreed by all voting Governors, clips the Fed Funds rate to a range of 1% to 1.25% and follows an emergency meeting of G-7 finance ministers and central bankers earlier in the pre-market trading session. It's the biggest rate cut since the fall of 2008 and the first emergency rate move since the global financial crisis.
“The coronavirus poses evolving risks to economic activity,” the central bank said in a statement issued alongside the rate cut. “In light of risks and in support of achieving maximum employment and price stability goals, lower the target range for the federal funds rate.”
Watch the video above for more.