response in financial markets that could make
the economic impact of the virus even worse,”
said Eric Winograd, senior economist at AB.
Across the world, business is slowing and
in some places stopping altogether as a
consequence of the virus. Factories in China
have been struggling to grind slowly back to life.
Many European vacation destinations have been
all but deserted as leisure and corporate travel
has diminished. And major companies around
the world bracing for the risk that the economic
landscape could worsen before it improves.
Indeed, Powell noted that “you are hearing
concerns from people in the travel business, the
hotel business and things like that.”
“We expect that will continue and probably will
grow,” he said.
Google told its 8,000 full-time staffers and
contractors at its European headquarters in
Dublin to work from home Tuesday. Irish news
reports have said that a Google staffer is being
tested for coronavirus. But the company issued
only a brief statement that said it was continuing
to take precautionary measures to protect the
health and safety of its workforce.
President Donald Trump, who has repeatedly
attacked the Fed and Powell in particular for not
cutting rates more aggressively, doubled down
in a new tweet after the Fed’s announcement,
saying, “More easing and cutting!”
Powell said the central bank is focused on its
goal of supporting the economy and said,
“We’re never going to consider any political
considerations whatsoever.”
Earlier Tuesday, seven major economies had
pledged to use “all appropriate tools” to deal