Federal Reserve Chair Jerome Powell convened an unscheduled closed-door session late Wednesday following a cascade of selling that wiped more than $1.2 trillion from US equity markets in a single session.

Sources familiar with the matter told Fox Business that the board is weighing an emergency 75-basis-point cut — a move not seen since the height of the 2020 pandemic crisis. The announcement is expected before Asian markets open at 9 PM ET.

Treasury Secretary Scott Bessent has been briefed and is traveling back to Washington. The White House declined to comment ahead of the official statement.