The Federal Reserve has moved faster and farther than ever to try to stem the economic damage from the coronavirus pandemic
WASHINGTON—To meet the dislocation the coronavirus pandemic unleashed on the economy, Federal Reserve Chairman Jerome Powell has mobilized the central bank to move faster and farther than ever before.
In the short weeks since financial markets seized up, Mr. Powell has placed the Fed on wartime footing. He took up the central bank’s playbook from the 2008 financial crisis and then some—cutting rates to near zero, purchasing huge quantities of government debt and, breaking a taboo, lending to American businesses.
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Asia shares suffer virus chills, central banks offer cold comfortAsian shares slipped on Monday and oil prices took another tumble as fears mounted that the global shutdown for the coronavirus could last for months, doing untold harm to economies despite central banks' best efforts.
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Taiwan sees room for more rate cuts as coronavirus impact deepens, may up SME fundingThere is room for more interest rate cuts in Taiwan, but they will not be reduced to zero or into negative territory, and the government will offer more funds for small- and medium-sized companies if needed, its central bank said on Monday.
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