The Federal Reserve has cut rates for the second time in less than two weeks, in an unexpected move to calm markets alongside co-ordinated action from central banks worldwide.

In a statement today (March 15), the Federal Open Market Committee cut rates by 100 basis points to 0–0.25%, the same low they reached after the 2008 crisis. It expects to leave rates at this level until it is “confident the economy has weathered recent events”.

“The coronavirus outbreak has harmed communities and