Trump administration insists on lowering FRS rates

The US Federal Reserve System (FRS) is ready to take measures to support the country's economy amid risks posed by the novel coronavirus, Federal Reserve Chairman Jerome Powell said.

Report informs, via Russia's Kommersant newspaper, that over the past day, the stock indices of leading developed and developing countries have lost 3 to 5 percent, while the decline ranged between 10 and 15 percent in the past week.

"The fundamentals of the US economy remain strong. However, the coronavirus poses evolving risks to economic activity. The Federal Reserve is closely monitoring developments and their implications for the economic outlook. We will use our tools and act as appropriate to support the economy," Powell's statement placed on the FRS website reads.

More than 90,717 cases have been diagnosed in an outbreak of the deadly novel coronavirus that emerged at a fish market in China's Wuhan, an international transport hub.

The disease has already claimed nearly 3,115 lives globally, while 47,871 people have recovered.

Last week was a failure for the stock markets of many developed countries. According to Bloomberg, leading European indices lost 12 to 13.5 percent, while the loss of the US indices equaled 14 percent. The decrease in indices was sharper in October 2008 against the backdrop of the global financial crisis. Currently, trading continues amidst the rapidly spreading coronavirus epidemic around the world, the scale of which was previously underestimated by investors.