Powell says Fed ready to act as coronavirus poses 'evolving' economic risks

[WASHINGTON] Federal Reserve Chair Jerome Powell on Friday said the central bank will "act as appropriate" to support the economy in the face of risks posed by the coronavirus epidemic, though he said the economy remains in good shape overall.

"The fundamentals of the US economy remain strong," Mr Powell said in a statement released as stocks headed for their worst week since the financial crisis.

"However, the coronavirus poses evolving risks to economic activity. The Federal Reserve is closely monitoring developments and their implications for the economic outlook. We will use our tools and act as appropriate to support the economy."