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S.B. - Page 51 of 59 <br />Fed Delivers Two Emergency Rate Cuts in Early March <br />`A rate cut will not reduce the rate of infection. It won't fix a broken supply chain... But we do <br />believe that our action will provide a meaningful boost to the economy." <br />— Fed Chair Jerome Powell; March 3, 2020 <br />2.50% Federal Reserve Target Overnight Rate <br />2.00% <br />target rate (mid point) <br />1.50% <br />1.00% In another emergency move, the <br />Fed cut rates by loo basis points <br />and announced $loo billion of <br />Treasury and Agency MBS <br />0.50% F purchases on March 15th. <br />0.00% <br />Dec'16 <br />Source: Bloomberg. <br />© PFM <br />Dec ' 17 <br />Dec ' 18 <br />Dec '19 <br />The Fed made a 5o basis point <br />emergency cut on March 3'd over <br />the economic impacts of the <br />coronavirus outbreak. <br />IZ <br />Market Projection <br />(3/25/2020) <br />Dec '20 <br />I: <br />