Has the Fed's monetary policy 'become impotent'?
The stock market’s worst-case “Bearmageddon” scenario appears to have occurred, said Mike O’Rourke, chief market strategist at financial brokerage JonesTrading.
On Sunday, the Fed cut its target range for the federal-funds rate to zero to 0.25% from 1.00% to 1.25%, and has now cut the rate by 1.5 percentage points since March 3. The move comes in response to the coronavirus outbreak, which has disrupted economic activity. — Mike O’Rourke, chief market strategist at JonesTrading. The Fed also said it implemented a bond-buying program, known as quantitative easing, of at least $700 billion, and said its open-market desk has recently expanded its overnight and term repurchase agreement operations, known as repos.
Don’t miss: Stock-market futures sink after emergency Fed rate cut -- ‘if this doesn’t work, what will?’
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