Expert: Let the Federal Reserve Administer an Antiviral Shot
An emergency lending program would keep a liquidity crisis from turning into a solvency crisis. Kevin Warsh The policy pronouncements and tools used in 2008 by Federal Reserve Chairman Ben Bernanke and his crisis-fighters weren’t designed to address the current threat. Yet Chairman Jerome Powell fired a 2008-style barrage Sunday evening. Cutting interest rates to […]
Dow Down 3,000 Points in Worst Day since 1987
After a tumultuous day of trading, the Dow Jones Industrial Average closed down 3,000 points in its worst day in more three decades. The S&P 500 dropped around 325 points, representing a 20 percent decline. The day began with a 15 minute halt on trading after yesterday’s interest rate cut by the Federal Reserve failed […]
After “Circuit-Break,” Markets Re-open, Dow Drops More than 2,700 Points
After more than 12 hours of market tumult following the Federal Reserve’s drastic rate cut announcement, stock futures hit “limit downs” earlier this morning, which continued into early trading. Shortly after U.S. markets opened, massive drops and volatility triggered a “circuit-break” to kick in, halting trading for fifteen minutes. Since trading re-opened at roughly 9:50 […]
Federal Reserve Slashes Rates to Zero in Emergency Act
In an emergency move, the Federal Reserve announced it would cut interest rates to zero and launch quantitative easing, stating, “The coronavirus outbreak has harmed communities and disrupted economic activity in many countries, including the United States.” Fed Chairman Jerome Powell is set to speak on the matter in a press briefing at 6:30 pm […]
Federal Reserve, IMF, World Bank All Rush to Contain Coronavirus Contagion
The Federal Reserve cut rates on Tuesday in an unprecedented effort to soften the effect that coronavirus might have on the US economy. Federal Reserve Chairman Jerome Powell said the U.S. economic outlook was at risk due to the #coronavirus outbreak, which led the Fed to slash interest rates by half a percentage point. More […]
Federal Reserve Chair Signals Fed May Cut Interest Rates As Coronavirus Pandemic Spreads
Dow Jones (via Morningstar) reports that Federal Reserve Chairman Jerome Powell is reassuring markets that the Federal Reserve will do whatever is appropriate in the face of the unfolding novel coronavirus (COVID-19) pandemic and resulting economic contagion: Federal Reserve Chairman Jerome Powell signaled Friday the central bank was prepared to cut interest rates to cushion […]