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Markets rally as Fed's Powell pledges more ammunition to fight Covid-19 downturn - business live

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Rolling coverage of the latest economic and financial news, as Jerome Powell insists the Federal Reserve can do more to help America through the coronavirus recession

A wave of optimism has lifted Britain’s FTSE 100 by 128 points, or 2.2%, in early trading in London. Nearly every member of the blue-chip index is up, led by mining companies. Fresnillo , Glencore and Anglo American are all sharply higher, following Jerome Powell’s pledge to unleash more firepower if needed. Travel companies are also being lifted, with British Airways parent company IAG and cruise operator Carnival .

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Shame they weren’t so keen to provide ammunition to public health to fight the actual COVID, then there wouldn’t have been so much need to spend a fortune dealing with its economic fallouts.

New all time highs in the NASDAQ by month end.

Do the markets just always fail to take reality into account?

No more rallies without intervention...

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