In a media release Tuesday morning announcing its first emergency rate cut since 2008 the FOMC said:

"The fundamentals of the U.S. economy remain strong. However, the coronavirus poses evolving risks to economic activity. In light of these risks and in support of achieving its maximum employment and price stability goals, the Federal Open Market Committee decided today to lower the target range for the federal funds rate by 1/2 percentage point, to 1 to 1‑1/4 percent. The Committee is closely monitoring developments and their implications for the economic outlook and will use its tools and act as appropriate to support the economy."

Fed Chairman Jerome Powell speaking at a press conference added:

"We saw the risk to the outlook to the economy and chose to act."

President Donald Trump tweeted:

"The Federal Reserve is cutting but must further ease and, most importantly, come into line with other countries/competitors. We are not playing on a level field. Not fair to USA. It is finally time for the Federal Reserve to LEAD. More easing and cutting!"

The tourism industry is feeling immediate and severe impact of the sudden shutoff of outbound travel from China.

Will the Chinese government be able to contain the coronavirus before summer? Stay tuned.