The Federal Reserve has voted unanimously to cut the interest rate 50 basis points to 1.10% effective March 4, in the first emergency rate cut since 2008.
The San Francisco bank has revised its guidance downward, while also cautioning that an outbreak of the coronavirus could take an even bigger bite out of profits in 2020.
While the deadly virus threatens to harm the world economy, the funds have remained popular as the Fed signals low rates for the foreseeable future.