The Federal Reserve lowered the target range for the federal funds rate by 1/2 percentage point, to 1 to 1 1/4 percent citing the evolving risk posed by the coronavirus on economic activity.

According to The Wall Street Journal, the Fed has not moved rates in-between meetings since the financial crisis of 2008.

The Journal reported that this move will hit U.S. lenders and insurance companies the hardest after a week in which their shares were already in decline.

In a statement, the Federal Reserve Committee indicated that it is closely monitoring developments and their implications for the economic outlook and will use its tools and act as appropriate to support the economy.