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Trump responded to the news in a separate tweet, calling for even more action.

The Federal Reserve is cutting but must further ease and, most importantly, come into line with other countries/competitors. We are not playing on a level field. Not fair to USA. It is finally time for the Federal Reserve to LEAD. More easing and cutting!

— Donald J. Trump (@realDonaldTrump) March 3, 2020

\"The US Federal Reserve's decision to cut its benchmark interest rate by 50 basis points is an effort to offset the economic disruption and financial volatility caused by the global spread of the novel coronavirus,\" Moody's Investor Services Managing Director Atsi Sheth said in a commentary Tuesday.

\"We expect similar efforts by monetary authorities around the world, with many governments also likely stepping in with fiscal stimulus as well,\" Sheth added. \"Nonetheless, until the virus is contained, we forecast that global economic activity will slow materially.\"

World finance leaders from the Group of 7 nations also held a call Tuesday led by Federal Reserve Chair Jerome Powell and U.S. Treasury Secretary Steven Mnuchin. They issued a rare joint statement saying they \"are ready to take actions\" and will \"use all appropriate tools\" to support the global economy amid the outbreak of the novel coronavirus -- though they failed to outline any concrete steps they were taking to cushion the economic blow of the outbreak.

\"PHOTO:
Spencer Platt/Getty Images
PHOTO: Traders work on the floor of the New York Stock Exchange (NYSE), March 3, 2020, in New York City.
>

\"Given the potential impacts of COVID-19 on global growth, we reaffirm our commitment to use all appropriate policy tools to achieve strong, sustainable growth and safeguard against downside risks,\" said the statement from G7 finance ministers and Central Bank Governors. \"Alongside strengthening efforts to expand health services, G7 finance ministers are ready to take actions, including fiscal measures where appropriate, to aid in the response to the virus and support the economy during this phase. G7 central banks will continue to fulfill their mandates, thus supporting price stability and economic growth while maintaining the resilience of the financial system.\"

\"PHOTO:People
Hector Retamal/AFP/Getty Images
PHOTO:People wearing face masks walk on a street in Shanghai, March 3, 2020.
>

The Organization for Economic Cooperation and Development called for urgent government action to aid the economy amid the outbreak on Monday, and slashed its global growth outlook for the year.

\"Governments need to act immediately to contain the epidemic, support the health care system, protect people, shore up demand and provide a financial lifeline to households and businesses that are most affected,\" Laurence Boone, the OECD's chief economist, said while presenting the findings during a teleconference Monday.

The COVID-19 outbreak has also delivered a major blow to economic activity in China, the epicenter of the outbreak and the world's second-largest economy.

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