The Federal Reserve cut its benchmark borrowing rate in an emergency move Sunday, citing “disrupted economic activity in many countries, including the United States,” from the coronavirus pandemic.

The action by the Federal Open Market Committee is the second emergency rate cut enacted by the central bank in the last two weeks as the U.S. attempts to shore up the economy ahead of any impact from the viral outbreak.

“The Committee expects to maintain this target range until it is confident that the economy has weathered recent events and is on track to achieve its maximum employment and price stability goals,” the Fed said in a statement.

The Fed cut rates by half a percentage point on March 3, the first emergency rate cut since the financial crisis.

Sunday’s move follows an ugly week on Wall Street, with the Dow and the S&P both entering bear market territory and the Dow seeing its biggest one-day points drop. Investors were responding to mounting fears that the viral pandemic will take a heavy toll on the nation’s economy, with stores, businesses, and schools all closing and industry and sporting events canceled.

Amid widespread sentiment among traders that the White House had dragged its heels on addressing the virus, Treasury Secretary Steven Mnuchin said Sunday that President Donald Trump has “instructed” him to do whatever is needed to combat the outbreak and deal with the economic impact.

After Sunday’s move, the new borrowing rate range is between 0 and 0.25 percent.

Fed Chairman Jerome Powell is scheduled to deliver a press conference at 6 p.m. Sunday.