Trump congratulates Fed for cutting interest rates, calls action 'terrific'

"It's really good news. It's great for the country," Trump, who had publicly pressed the Fed to slash rates to boost the economy during the fast-escalating coronavirus outbreak, told a White House news conference.

Shortly before Trump spoke, the Fed cut interest rates for the second time in less than two weeks in another emergency move. In a statement, the central bank said it was lowering rates to a target range of 0% to 0.25%.