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  • STUART: 10:00 EASTERN.

  • STUART: 10:00 EASTERN. DO WE HAVE NEWS FOR YOU?

  • DO WE HAVE NEWS FOR YOU? BLAKE BURMAN, BLAKE IT, PLEASE.

  • BLAKE BURMAN, BLAKE IT, PLEASE. REPORTER: FEDERAL RESERVE WILL

  • REPORTER: FEDERAL RESERVE WILL CUT BY 50 BASIS POINTS.

  • CUT BY 50 BASIS POINTS. I WILL READ THE STATEMENT BY THE

  • I WILL READ THE STATEMENT BY THE FED IN FULL.

  • FED IN FULL. QUOTE, FUNDAMENTALS OF THE U.S.

  • QUOTE, FUNDAMENTALS OF THE U.S. ECONOMY REMAIN STRONG HOWEVER

  • ECONOMY REMAIN STRONG HOWEVER THE CORONAVIRUS POSES EVOLVING

  • THE CORONAVIRUS POSES EVOLVING RISKS TO ECONOMIC ACTIVITY.

  • RISKS TO ECONOMIC ACTIVITY. IN LIGHT OF THESE RISKS AND IN

  • IN LIGHT OF THESE RISKS AND IN SUPPORT OF ACHIEVING ITS MAXIMUM

  • SUPPORT OF ACHIEVING ITS MAXIMUM EMPLOYMENT AND PRICE STABILITY

  • EMPLOYMENT AND PRICE STABILITY GOALS THE FEDERAL OPEN MARKET

  • GOALS THE FEDERAL OPEN MARKET COMMITTEE DECIDED TODAY TO LOWER

  • COMMITTEE DECIDED TODAY TO LOWER THE TARGET RATE RANGE FOR THE

  • THE TARGET RATE RANGE FOR THE FEDERAL FUNDS RATE BY ONE-HALF A

  • FEDERAL FUNDS RATE BY ONE-HALF A PERCENTAGE POINT TO 1 TO .25%.

  • PERCENTAGE POINT TO 1 TO .25%. THE COMMITTEE IS CLOSELY

  • THE COMMITTEE IS CLOSELY MONITORING DEVELOPMENTS AND

  • MONITORING DEVELOPMENTS AND ECONOMIC OUT LOOK AND WILL USE

  • ECONOMIC OUT LOOK AND WILL USE ITS TOOLS TO ACT AS APPROPRIATE

  • ITS TOOLS TO ACT AS APPROPRIATE TO SUPPORT THE ECONOMY, VOTING

  • TO SUPPORT THE ECONOMY, VOTING FOR THE ECONOMY WERE LIST OF FED

  • FOR THE ECONOMY WERE LIST OF FED MEMBERS INCLUDING JAY POWELL.

  • MEMBERS INCLUDING JAY POWELL. HEADLINE HERE.

  • HEADLINE HERE. 50 POINT BASIS CUT.

  • 50 POINT BASIS CUT. AT THE WHITE HOUSE, STUART, YOU

  • AT THE WHITE HOUSE, STUART, YOU KNOW THAT THIS IS SOMETHING THAT

  • KNOW THAT THIS IS SOMETHING THAT THE PRESIDENT HAS BEEN

  • THE PRESIDENT HAS BEEN CHAMPIONING FOR, FOR NOT ONLY

  • CHAMPIONING FOR, FOR NOT ONLY FOR THE FED TO JUMP IN, BUT

  • FOR THE FED TO JUMP IN, BUT POTENTIALLY EVEN TO JUMP IN DUE

  • POTENTIALLY EVEN TO JUMP IN DUE TO CORONAVIRUS.

  • TO CORONAVIRUS. I ASKED THE PRESIDENT YESTERDAY

  • I ASKED THE PRESIDENT YESTERDAY DO YOU THINK THE FED NEEDS TO

  • DO YOU THINK THE FED NEEDS TO TAKE AN EMERGENCY MEASURE.

  • TAKE AN EMERGENCY MEASURE. THE PRESIDENT SAID TO ME

  • THE PRESIDENT SAID TO ME YESTERDAY, STUART, QUOTE, I

  • YESTERDAY, STUART, QUOTE, I GUESS THE MARKET IS UP TODAY,

  • GUESS THE MARKET IS UP TODAY, OUR COUNTRY IS VERY STRONG

  • OUR COUNTRY IS VERY STRONG ECONOMICALLY AS YOU KNOW.

  • ECONOMICALLY AS YOU KNOW. THAT IS A WRONG QUOTE.

  • THAT IS A WRONG QUOTE. IN ANY EVENT THE PRESIDENT TOLD

  • IN ANY EVENT THE PRESIDENT TOLD ME WAS WAITING FOR THE CENTRAL

  • ME WAS WAITING FOR THE CENTRAL BANKS TO SEE WHAT THEY WOULD DO

  • BANKS TO SEE WHAT THEY WOULD DO TODAY.

  • TODAY. AS WE KNOW THERE WAS A G7

  • AS WE KNOW THERE WAS A G7 FINANCE MINISTERS CONFERENCE

  • FINANCE MINISTERS CONFERENCE CALL THAT TOOK PLACE AT ABOUT

  • CALL THAT TOOK PLACE AT ABOUT 7:00 EARLIER THIS MORNING.

  • 7:00 EARLIER THIS MORNING. NOW WE KNOW THE ACTION FROM THAT

  • NOW WE KNOW THE ACTION FROM THAT CALL, 50 POINT BASIS CUT,

  • CALL, 50 POINT BASIS CUT, SOMETHING THAT THE WHITE HOUSE

  • SOMETHING THAT THE WHITE HOUSE GENERALLY SPEAKING HAS BEEN

STUART: 10:00 EASTERN.

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