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