Fed's Powell says economy is fine but Fed ready to act as needed

Federal Reserve Chair Jerome Powell on Friday said the U.S. economy remains in solid condition although the coronavirus outbreak poses a risk and the central bank will act as appropriate to provide support.

"The fundamentals of the U.S. economy remain strong," Powell said in a statement released amid an ongoing sell-off in global stock markets. "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."