S economy after the stock market's volatile week and falling into a bear market.

The Fed taking emergency action today cutting rates once again, this time to near zero.

President Trump urging Americans not to hoard as people rushed to stock up on supplies.

NBC's chief business correspondent, Rebecca Jarvis, has more tonight the Federal Reserve announcing rare emergency action to calm financial fears, cutting interest rates to near 0% their lowest level since the great recession.

President Trump, who has been critical of the Fed previously tonight applauding and I want to congratulate the Federal Reserve.

That's a big difference.

UH, quite a bit.

Got a point.

Since the record highs last month, the Dow is now down 21%.

Now one of the nation's top economists, Mark Zandi, predicting our new normal store closures, like Nike and Apple restaurant traffic and travel way down will cost the economy $120 billion in GDP by the end of March.

Issuing this warning well, the economy shrinking.

We're in recession.

People are pulling back.

But Treasury Secretary Steve Mnuchin disagrees, saying the virus won't cause a recession.

We're clearly gonna have a slowdown.

And later in the year, obviously, the economic activity will pick up as we confront this virus.

Tom the feds says the U.

S economy entered this challenging time on strong financial footing.

They say they'll keep the new policy in place until it's clear the U.

S economy has weathered the storm and is back on track.

Tom, Hi, everyone.

George Stephanopoulos Here.

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