U.S. Fed cuts rate by 50 basis points amid COVID-19 concerns

Photo taken on March 3, 2020 shows flags on the U.S. Federal Reserve building in Washington D.C., the United States. The U.S. Federal Reserve lowered the target range for the federal funds rate by 50 basis points to a range of 1.00 percent to 1.25 percent, as the novel coronavirus disease poses "evolving risks" to economic activity, the central bank announced Tuesday. (Xinhua/Liu Jie)