The Federal Open Market Committee reduced the federal funds rate target by more than 46 basis points during the COVID-19 outbreak .
On 3 March , the finance ministers and central bank executives of the G7 released a joint statement to `` reaffirm our commitment to use all appropriate policy tools '' to address the socioeconomic impact of the outbreak including `` fiscal measures where appropriate '' with the central banks continuing to `` fulfill their mandates , thus supporting price stability and economic growth . ''
Socio-economic impact of the 2019–20 coronavirus pandemic