Business Maverick: Fed Cuts Main Interest Rate to Near Zero, Vows Massive Bond-Buying Programme

📆 16/03/2020 08:12:00
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Business Maverick: Fed Cuts Main Interest Rate to Near Zero, Vows Massive Bond-Buying Programme By Bloomberg

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its GDP forecasts on Sunday. It’s now predicting zero growth in the first quarter and a 5% contraction in the second. “The Fed had to make this move, and waiting would have been a grave mistake,” said Michael Darda, market strategist at MKM Partners. “The problem is there is a tsunami coming and the Fed is likely to be overwhelmed by it, and the markets know that.”

“The Federal Reserve is prepared to use its full range of tools to support the flow of credit to households and businesses and thereby promote its maximum employment and price stability goals,” it said.

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