The United States Federal Reserve cut interest rates yesterday to protect its economy from the effects of coronavirus. The Fed's report says the target range of federal funding rate has been reduced by 50 points to 1.00-1.25% per annum. The S&P 500 index surged after the publication of changes in the Fed's interest rate, but after that, it started to decline again. By 15:46 GMT the stock index grew by 0.58%. The United States dollar index, which shows the ratio of the U.S. dollar to a basket of six currencies fell by 0.4% at 16:03. Powell said that the risk for the Fed forecast has changed significantly and the regulator will act as necessary to support the U.S. economy, which, despite the epidemic, remains strong. The head of the central bank said that it is not yet clear how long the current situation will last, but he said that he expects the American economy to return to strong growth. "Fundamental indicators of the U.S. economy are still strong. Nevertheless, the virus epidemic carries increasing risks for the economy. In light of these risks and in order to meet its goals of maximum employment and price stability, the Federal Open Market Committee decided yesterday to reduce the target range of the federal funding rate," said in a statement by the Fed. The decision was unanimous. A meeting of the Fed, which was to discuss the range of the rate, was scheduled for March 17-18.