Zero rates, zero impact: Fed & co fail to calm markets, marcjonesrtrs and ReutersLawrence
LONDON - Stock markets and oil prices continued to nose-dive on Monday after the second emergency cut in U.S. interest rates in as many weeks — effectively to zero — and supportive measures from all corners failed to quell coronavirus fears.
Oil, already reeling from a price war, plunged more than 9% to almost $30 a barrel as investors fretted about the impact of coronavirus on global demand. The Fed’s emergency 100 basis point rate cut on Sunday was followed on Monday by further policy easing from the Bank of Japan in the form of a pledge to ramp up purchases of exchange-traded funds and other risky assets.
Chinese data underscored just how much economic damage the disease has already done to the world’s second-largest economy, with official numbers showing the worst drops in activity on record. Industrial output plunged 13.5% and retail sales 20.5%. Sheets emphasized investors wanted to see a lot more U.S. fiscal stimulus and evidence the Trump administration was responding vigorously and effectively to the public health challenges posed by the crisis.Wall Street was set for further falls after New York and Los Angeles both ordered bars, restaurants, theaters and cinemas to shut to combat the spread of the coronavirus, mirroring similar measures in Asia and Europe.
U.S. President Donald Trump, who has been haranguing the Fed to ease policy, called the move “terrific” and “very good news”.
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