The market has dropped by 300 basis points since the first coronavirus death. The fed is considering doing multiple stages of rate cuts. The hope is that rate cuts will ease the mind of investors and help to stimulate economic growth. The Fed can only help so much though, they wouldn't be able to prevent a supply shock, which is still a possibility.
https://www.marketwatch.com/story/the-fed-cant-stop-coronavirus-from-slamming-the-economy-but-it-could-ease-the-pain-2020-02-28
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