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At the post-monetary policy announcement press conference early Monday, the US Federal Reserve (Fed) Chairman J. Powell said that coronavirus is having a profound effect on the US and around the world.

Additional comments

US banks are strong, have high levels of capital, liquidity and well-positioned to provide credit.

In a global coordinated move to tackle the coronavirus impact on the economy amid growing recession risks, the Fed.

Coronavirus will have significant effect on the economy in the near term coronavirus.

Weakness abroad will weigh on US exports for a time.

Financial conditions in the united states have tightened markedly.

more to come …

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