Powell says Fed will ‘use our tools’ to support economy amid coronavirus concerns

WASHINGTON (AP) — Federal Reserve Chairman Jerome Powell pledged Friday that the Fed will “use our tools” to support the economy, an effort to ease fears and a strong signal of a likely rate cut, perhaps at its next meeting March 17-18.

The statement said the Fed will “act as appropriate to support the economy.” It came amid a week of sharp market drops that drove stocks down roughly 13% in value. Powell said the fundamentals of the U.S. economy “remain strong,” but added that “the coronavirus poses evolving risks to economic activity.”