Federal Reserve cuts rates over coronavirus economic impact as more countries report illnesses

As the new coronavirus spreads in South Korea, Europe and the United States, the U.S. Federal Reserve cut interest rates on Tuesday in an emergency move to try to prevent a global recession with the virus taking a heavy toll on air travel, tourism and other industries.

Crowds wearing protective masks, following the outbreak of the coronavirus, are seen at the Shinjuku station in Tokyo, Japan, March 3, 2020. REUTERS/Athit Perawongmetha

Despite the Fed’s attempt to stem the economic fallout from the coronavirus, U.S. stock indexes were down more than 3%, safe-haven gold rose 3% and analysts and investors are questioning if the rate cut will be enough in the long run if the virus continues to spread. [.N] [MKTS/GLOB]

In Iran, doctors and nurses lack supplies and 77 people have died, the highest number outside China. The United Arab Emirates announced it was closing all schools for four weeks.

The death toll in Italy, Europe’s worst-affected country, jumped to 79 on Tuesday and Italian officials are considering expanding the area under quarantine. France reported its fourth coronavirus death and Iceland, Indonesia, Ukraine and Argentina reported their first coronavirus cases, taking the global total to...

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