Group of Seven finance chiefs said they’re ready to act to shelter their economies from the spreading coronavirus, though they stopped short of spelling out what specific measures they would put into place. “We reaffirm our commitment to use all appropriate policy tools to achieve strong, sustainable growth and safeguard against downside risks,” the G-7’s finance ministers and central bankers said Tuesday in a statement following a rare conference call. They said they are “closely monitoring” the virus and its impact on economies and markets.
The statement came shortly before the U.S. Federal Reserve delivered an emergency half-percentage point interest rate cut to protect the economy from the global outbreak. Markets jumped on the news but quickly pared the gains, and President Donald Trump complained that it wasn’t enough.